NEW YORK, NY / ACCESSWIRE / September 23, 2016 / Pomerantz LLP announces that a class action lawsuit has been filed against Power Solutions International, Inc. (“PSI” or the “Company”) (NASDAQ: PSIX) and certain of its officers. The class action, filed in United States District Court, Northern District of Illinois, and docketed under 16-cv-08253, is on behalf of a class consisting of all persons or entities who purchased or otherwise acquired PSI securities between May 8, 2015 and August 15, 2016 both dates inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased PSI securities during the Class Period, you have until October 21, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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PSI designs, manufactures, distributes, and supports power systems and custom engineered integrated electrical power generation systems for industrial original equipment manufacturers of off-highway industrial equipment and on-road medium trucks and buses. The Company sells its products and services primarily in North America, as well as in the Pacific Rim and Europe.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company inappropriately recognized revenue for certain transactions; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, PSI’s public statements were materially false and misleading at all relevant times.
On August 15, 2016, after the market closed, the Company issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”), announcing that the Company needed additional time to file its quarterly report for the quarter ended June 30, 2016 with the SEC.
On this news, PSI’s share price fell $1.52 per share, or 9.85%, to close at $13.91 on August 16, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP