An investor in NASDAQ:RITT shares filed a lawsuit over alleged violations of Federal Securities Laws by RiT Technologies Ltd. in connection with certain allegedly false and misleading statements.
Investors who purchased shares of RiT Technologies Ltd. (NASDAQ:RITT) have certain options and for certain investors are short and strict deadlines running. Deadline: September 26, 2016. NASDAQ:RITT investors should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff claims that between March 3, 2015 and July 1, 2016 the defendants made allegedly false and/or misleading statements and/or failed to disclose that RiT CIS Ltd. was RiT Technologies’ major distributor in Russia and the Commonwealth of Independent States region, that RiT CIS was vital to the viability of RiT Technologies, and that a result, RiT Technologies’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 11, 2016, RiT Technologies Ltd. announced that its major Russian distributor was experiencing collection problems from customers in the Russian region “thereby adversely impacting RiT’s current cash flow.”
On April 20, 2016, RiT Technologies Ltd. announced that the collection progress of its Russian distributor’s overdue debts was progressing significantly lower than planned, and that the Chief Financial Officer of RiT Technologies resigned.
On June 28, 2016, RiT Technologies Ltd. announced that its request for continued listed on the NASDAQ Capital Market was denied, that trading of its securities will be suspended by NASDAQ on July 1, 2016 and thereafter be removed from listing on the NASDAQ.
On August 17, 2016, shares of RiT Technologies Ltd closed at $0.0125 per share.
Those who purchased NASDAQ:RITT shares have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
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