NEW YORK, March 23, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the securities of Resonant Inc. ("Resonant" or the "Company") (Nasdaq:RESN) between August 14, 2014 and February 26, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
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. The Complaint alleges that the defendants obscured from the investing public that: (1) there were mistakes in the valuation of warrant liabilities, weighted average shares outstanding and earnings per share, and the notes to the condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013; (2) the Company's disclosure controls and procedures were not effective as of June 30, 2014; (3) the Company would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015; and (4) as a result of all of the foregoing, the Company's financial statements and its representations concerning its business operations and prospects were materially false and misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
On this news, shares in Resonant declined almost 33%, closing at $10.40 per share on February 27, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.
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