The Shareholders Foundation announces that an investor, who purchased shares of Resonant Inc (NASDAQ:RESN), filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Resonant Inc in connection with certain allegedly false and misleading statements made between August 14, 2014, and February 26, 2015.
Investors who purchased shares of Resonant Inc (NASDAQ:RESN) 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 email@example.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Resonant Inc (NASDAQ:RESN) common shares between August 14, 2014, and February 26, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Resonant Inc issued 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 to as low as $9.54 per share on February 27, 2015, respectively $6.37 per share on April 1, 2015.
Those who purchased shares of Resonant Inc (NASDAQ:RESN) have certain options and should contact the Shareholders Foundation.
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