An investor in NASDAQ:PSIX shares filed a lawsuit against certain Power Solutions International directors.
Investors who purchased shares of Power Solutions International Inc (NASDAQ:PSIX), have certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 – 1554.
The plaintiff claims that the defendants breached their fiduciary duties beginning in approximately 2014 through the present.
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 August 22, 2016 a lawsuit was filed against Power Solutions International Inc over alleged securities laws violations. The plaintiff alleged on behalf of purchasers of Power Solutions International Inc (NASDAQ:PSIX) common shares between May 8, 2015 and August 15, 2016, that the defendants violated Federal Securities Laws. More specifically, 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 April 7, 2017, before market hours, Power Solutions International Inc disclosed “that the Company’s previously issued consolidated financial statements for the fiscal year ended December 31, 2014 and first fiscal quarter ended March 31, 2015 should be restated to reflect the impact of certain errors involving revenue recognition.” Power Solutions also disclosed that “the Company expects its restated financial statements for the 2014, 2015 and 2016 fiscal years (and the quarterly periods within such fiscal years) will reflect adjustments that may (i) result in a shift of recognized revenues from prior periods to subsequent periods in the aggregate amount of approximately $48 million to $74 million.”
Those who purchased NASDAQ:PSIX shares have certain options and should contact the Shareholders Foundation.
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