NEW YORK, March 5, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against TCP International Holdings Ltd. ("TCP" or the "Company") (NYSE:TCPI) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-01631, is on behalf of a class consisting of all persons or entities who purchased TCP securities between June 26, 2014 and February 26, 2015, 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 TCP securities during the Class Period, you have until May 1, 2015 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 rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
TCP together with its subsidiaries, designs, develops, manufactures, and markets lighting products and accessories to commercial, industrial, and retail markets worldwide. It offers various light emitting diode lamps, compact fluorescent lamps, halogen lamps, linear fluorescent lighting, and lighting fixtures; and various compact, and linear fluorescent component parts and accessories, as well as Internet-based lighting solutions.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company and E. Yan, driven by the desire to increase production, lower costs and improve margins, were bypassing the UL and ENERGY STAR certification processes by placing noncompliant products into the marketplace; (2) E. Yan had been consistently overriding and/or disregarding Company policies on matters such as capital expenditure, customer credit and operating expenditure approvals; new product development process; product design and safety certification; the Company's business conduct manual; and code of ethics for principal executive and senior financial officers; and (3) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On February 26, 2015, TCPI announced that claims were filed in Cuyahoga County, Ohio against the Company and its CEO, Ellis Yan, by its General Counsel and Chief Compliance Officer, Laura Hauser, alleging misconduct by the CEO and related matters (the "Ohio General Counsel Action"). Specifically, the Ohio General Counsel Action alleges that "[E.] Yan's conduct continued to spiral out of control and escalated in a series of events that constitute violations of state and federal law, raised questions about compliance with Defendants' corporate ethics policy and created significant risk to shareholder value."
On this news, shares of TCPI declined $3.67 (or over 57%), to close at $2.74, on heavy trading volume on February 27, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, 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 70 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.