|[May 27, 2014]
Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against PowerSecure International, Inc.
WILMINGTON, Del. --(Business Wire)--
Rigrodsky & Long, P.A.:
Do you, or did you, own shares of PowerSecure International, Inc.
Did you purchase your shares before March 10, 2014, or between
March 10, 2014 and May 7, 2014, inclusive?
Did you lose money in your investment in PowerSecure International,
Do you want to discuss your rights?
& Long, P.A., including former Special Assistant United States
Attorney, Timothy J. MacFall, announces that a complaint has been filed
in the United States District Court for the Eastern District of
California on behalf of all persons or entities that purchased the
common stock of PowerSecure International, Inc. ("PowerSecure" or the
"Company") (NYSE: POWR)
between March 10, 2014 and May 7, 2014, inclusive (the "Class Period"),
alleging violations of the Securities Exchange Act of 1934 against the
Company and certain of its officers (the "Complaint").
If you purchased shares of PowerSecure during the Class Period, or
purchased shares prior to the Class Period and still hold PowerSecure,
and wish to discuss this action or have any questions concerning this
notice or your rights or interests, please contact or Peter Allocco of Rigrodsky & Long, P.A., 2
Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by
e-mail to firstname.lastname@example.org; or
PowerSecure is a leading provider of products and services to electric
utilities, and their large commercial, institutional and industrial
customers. The Complaint alleges that throughout the Class Period,
defendants made materially false and misleading statements, and omitted
materially adverse facts, about the Company's business, operations and
prospects. Specifically, the Complaint alleges that the defendants
concealed from the investing public: (1) that the Company was attempting
to shift resources within its Utility Infrastructure business from
certain lower-profit assignments to higher-profit assignments; (2) that
this shifting of resources was negatively impacting the Company's
operations and utility services performance; (3) that the Company was
experiencing productivity losses and higher costs within its utility
services group, which were negatively impacting the Company's gross
margins; and (4) that, as a result of the foregoing, Defendants'
positive statements about the Company's business, operations, and
prospects, including statements about the Company's gross margins lacked
a reasonable basis. As a result of defendants' alleged false and
misleading statements, the Company's stock traded at artificially
inflated prices during the Class Period.
According to the Complaint, on May 7, 2014, PowerSecure reported its
financial results for its 2014 fiscal first quarter. While analysts
estimated that the Company's earnings would be $0.02 per share,
PowerSecure shocked the market by announcing an adjusted loss of ($0.17)
per share. Additionally, the Company disclosed that its gross profit
margin had decreased to 20.9% for the quarter from 30.6% for the same
quarter in 2013. According to the Company, the decrease in its margins
and earnings was attributable to substantial shortfalls in its utility
infrastructure revenue and to the Company's failure to properly allocate
resources to sustain its margins.
On this news, shares in PowerSecure plummeted more than 66% over the
following trading days, closing at $6.83 per share on May 9, 2014, on
unusually heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later
than July 22, 2014. A lead plaintiff is a representative party
acting on behalf of other class members in directing the litigation. In
order to be appointed lead plaintiff, the Court must determine that the
class member's claim is typical of the claims of other class members,
and that the class member will adequately represent the class. Your
ability to share in any recovery is not, however, affected by the
decision whether or not to serve as a lead plaintiff. Any member of the
proposed class may move the court to serve as lead plaintiff through
counsel of their choice, or may choose to do nothing and remain an
absent class member.
& Long, P.A. did not file the Complaint in this matter, the
firm, with offices in Wilmington, Delaware and Garden City, New York, regularly
litigates securities class, derivative and direct actions, shareholder
rights litigation and corporate governance litigation, including
claims for breach of fiduciary duty and proxy violations in the Delaware
Court of Chancery and in state and federal courts throughout the United
Attorney advertising. Prior results do not guarantee a similar outcome.
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