SAN DIEGO, March 24, 2015 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit was filed on behalf of certain purchasers of shares of Resonant Inc (Nasdaq:RESN) over alleged Federal Securities Laws Violations by Resonant.
Investors who purchased a significant amount of shares of Resonant Inc (Nasdaq:RESN) between August 14, 2014, and February 26, 2015, and / or investors who purchased any (Nasdaq:RESN) shares prior to August 2014 and continue to hold any of those shares, have certain options and for certain investors are short and strict deadlines running. Deadline: May 18, 2015. (Nasdaq:RESN) investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1 (858) 779 - 1554.
The plaintiff claims that Resonant Inc issued certain allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that there were errors in Resonant's financial statements for the three and six months ended June 30, 2014 and 2013, that Resonant's disclosure controls and procedures were not effective as of June 30, 2014, and that Resonant would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015. When the truth was revealed to investors, the price of Resonant shares fell, damaging investors.
On February 26, 2015, Resonant Inc announced financial results and provided a business update for the fourth quarter and year ended December 31, 2014. Among other things, Resonant Inc said that it has "delivered a completed duplexer design for consideration to our first customer" but the delivered design "does not meet all the specifications in the development agreement." Resonant Inc said also said that the customer's decision whether to use Resonant's design is uncertain and based on a number of considerations, many of which are beyond Resonant's control. Shares of Resonant Inc (Nasdaq:RESN) declined from $19.05 per share on February 11, 2015 to as low as $8.69 per share on March 23, 2015.
The lawsuit seeks to recover damages for certain Resonant investors.
Those who purchased shares of Resonant Inc (Nasdaq:RESN) have certain options and should contact the Shareholders Foundation, Inc. by e-mail at email@example.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 firstname.lastname@example.org 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.