The deadline to move for lead plaintiff is no later than Monday, April 1, 2019.  To join this class action, please complete the following Investor Certification.  [contact-form-7 id=”1029″ title=”Revolution Lighting Technologies, Inc. Investor Certification”]

Oklahoma City, OK (February 21, 2019) – On January 31, 2019, a securities class action lawsuit was filed in the United States District Court for the Southern District of New York against Revolution Lighting Technologies, Inc. (NASDAQ: RVLT).  The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is March 14, 2014 through November 14, 2018.  According to the complaint, on October 17, 2018, Revolution began to report dismal financial results, anticipating revenue of $33 million—significantly less than previously announced guidance of $40-$41 million. Two days later, Revolution disclosed that the U.S. Securities and Exchange Commission (“SEC”) was investigating the company’s revenue recognition practices. Finally, on November 14, 2018, Revolution announced that its Transaction Committee was considering an updated proposal from Chief Executive Officer Robert LaPenta to acquire all of the company’s outstanding stock for $1.50 per share, citing the SEC investigation as a reason for taking the company private. Since news of Revolution’s troubles began to be made public, the company’s stock has plummeted 73% to close at $0.69 per share on January 31, 2019.

Then, on October 19, 2018, the Company disclosed “an ongoing investigation by the SEC regarding certain revenue recognition practices, including bill and hold transactions that occurred between 2014 through the second quarter of 2018.”  On this news, the Company’s stock price fell from $1.59 per share on October 19, 2018 to $1.43 per share on October 22, 2018–a $0.16 or 10.04% drop.  Then, on November 13, 2018, the Company filed a Notice of Late Filing on Form 12b25 with the SEC. Therein, the Company stated that it was unable to file its quarterly report for the period ended September 30, 2018 due to a review by the Company’s Audit Committee of the previously filed financial statements, and the Company provided detail regarding the incorrect recognition of revenue.  On this news, the Company’s stock price fell from $1.40 per share on November 14, 2018 to $0.85 per share on November 15, 2018–a $0.55 or 39.29% drop.

Plaintiff seeks to recover damages on behalf of all Revolution Lighting Technologies, Inc. shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above.  You may move the Court no later than Monday, April 1, 2019 to serve as a lead plaintiff for the entire Class.  However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.

If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact:  Robin Hester at rkh@federmanlaw.com