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WILMINGTON, Del., Sept. 26, 2016 -- Andrews & Springer LLC, a boutique securities class action law firm focused on representing shareholders nationwide, announces that a securities fraud class action lawsuit has been filed by another law firm on behalf of shareholders of Power Solutions International, Inc. (NASDAQ:PSIX) (“Power Solutions” or the “Company”) for possible corporate misconduct and violations of securities laws.
A copy of the complaint is available from the Court or from Andrews & Springer LLC. If you currently own shares of Power Solutions and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/power-solutions-class-action-investigation or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, from May 8, 2015 through August 15, 2016, Power Solutions and its senior executives made fraudulent and misleading statements violating federal securities laws.
On August 15, 2016, Power Solutions disclosed during after-hours trading that it needed additional time to file its Form 10-Q for the quarter ending June 30, 2016, with the Securities and Exchange Commission. Specifically, Power Solutions stated that it had not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition.”
On August 16, 2016, Power Solutions received a delinquency notice from The Nasdaq Stock Market stating that the Company was not in compliance with listing rules because it had not filed its quarterly report on Form 10-Q for the second quarter ended June 30, 2016.
In response to this news, the price of Power Solutions shares fell almost 10% to close at $13.91 per share on August 16, 2016, costing investors millions in losses.
A Power Solutions shareholder represented by another law firm has filed a class action complaint against Power Solutions for federal securities fraud. The complaint was filed in the United States District Court, Northern District of Illinois, Case No. 1:16-cv-08253.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Power Solutions inappropriately recognized revenue for certain transactions; (2) Power Solutions lacked adequate internal controls over financial reporting; and (3) as a result, Power Solutions’ 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.
If you currently own shares of Power Solutions and want to receive additional information and protect your investments free of charge, please visit us at http://www.andrewsspringer.com/cases-investigations/power-solutions-class-action-investigation or contact Craig J. Springer, Esq. at [email protected], or call toll free at 1-800-423-6013. You may also follow us on LinkedIn – www.linkedin.com/company/andrews-&-springer-llc, Twitter – www.twitter.com/AndrewsSpringer or Facebook - www.facebook.com/AndrewsSpringer for future updates.
Andrews & Springer is a boutique securities class action law firm representing shareholders nationwide who are victims of securities fraud, breaches of fiduciary duty or corporate misconduct. Having formerly defended some of the largest financial institutions in the world, our founding members use their valuable knowledge, experience, and superior skill for the sole purpose of achieving positive results for investors. These traits are the hallmarks of our innovative approach to each case our Firm decides to prosecute. For more information please visit our website at www.andrewsspringer.com. This notice may constitute Attorney Advertising.
Contact: Craig J. Springer, Esq. [email protected] Toll Free: 1-800-423-6013
