SHAREHOLDER ALERT: Gainey McKenna & Egleston Reminds Investors of Class Action Against TCP International Holdings Ltd. and a Lead Plaintiff Deadline of May 1, 2015 -- TCPI


NEW YORK, March 27, 2015 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons or entities that purchased the securities of TCP International Holdings Ltd. ("TCP" or the "Company") (NYSE:TCPI) pursuant and/or traceable to the Company's IPO on or about June 26, 2014 and between June 26, 2014 and February 27, 2015 (the "Class Period"), alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the "Complaint").

The Complaint alleges that Defendants concealed from the investing public that TCP's Registration Statement issued in connection with the IPO included information that was false and misleading. The Registration Statement negligently contained statements that falsely described the Company's operations and business, including false statements concerning the Company's important Underwriters Laboratory ("UL") and Energy Star approvals, compliance, and qualifications. In addition, the Registration Statement failed to disclose certain material events known to Defendants that caused the information reported in the Registration Statement and other public statements not to be indicative of TCP's actual operations.

According to the Complaint, on February 26, 2015, Laura Hauser, the Company's General Counsel, filed a lawsuit against TCP, its subsidiary and CEO Ellis Yan ("Yan"), claiming that Yan has run the lighting products company in a reckless and unethical way — and threatened her for bringing it up with the Company's Board of Directors. Among the problems Hauser cited in the lawsuit: Yan allegedly ordered the company to produce 40,000 LED lamps labeled with the "UL" mark even though they had not been approved by the product testing company. The lamps eventually failed UL tests, the lawsuit stated.

On this news, shares in TCP fell over 57%, closing at $2.74 per share on February 27, 2015, on heavy trading volume of over 2.8 million shares.

If you wish to serve as lead plaintiff, you must move the Court no later than May 1, 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.