An investor in NASDAQ:PSIX shares filed a lawsuit over alleged Securities Laws violations by Power Solutions International Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Power Solutions International Inc (NASDAQ:PSIX) have certain options and for certain investors are short and strict deadlines running. Deadline: October 21, 2016. NASDAQ:PSIX investors should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff claims that between May 8, 2015 and August 15, 2016 the Defendants made false and/or misleading statements and/or failed to disclose that Power Solutions International Inc inappropriately recognized revenue for certain transactions, that Power Solutions International Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, that Power Solutions International Inc’s public statements were materially false and misleading at all relevant times.
On August 15, 2016 Power Solutions International Inc (NASDAQ:PSIX) announced that it requires additional time to file its Form 10-Q for the quarter ended June 30, 2016, with the Securities and Exchange Commission in order to finalize the financial statements for the quarter. Specifically, Power Solutions International Inc stated that it has not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition Shares of Power Solutions International Inc (NASDAQ:PSIX) declined to as low as $13.00 per share on August 16, 2016.
On August 18, 2016, Power Solutions International Inc announced that it received a notice from The Nasdaq Stock Market (“Nasdaq”) on August 16, 2016, stating that the Company is not in compliance with Nasdaq Listing Rule 5250(c)(1) because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 with the Securities and Exchange Commission.
On September 2, 2016, NASDAQ:PSIX shares closed at $12.41 per share.
Those who purchased NASDAQ:PSIX shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego