NEW YORK, March 27, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of all persons or entities that purchased Resonant Inc. (Nasdaq:RESN) securities during the period from August 14, 2014 through February 26, 2015, inclusive (the "Class Period"). Wolf Haldenstein encourages all shareholders who suffered losses on shares purchased within the class period to contact us immediately at (800) 575-0735 or email classmember@whafh.com.
Resonant produces filter designs for radio frequency font-ends for the mobile device industry. In October 2014, Resonant announced that it would be required to restate its financial results that were included in its Form 10-Q for the period ended June 30, 2014. Following news of the need to restate earnings, Resonant's stock price declined from $6.30 to $6.05 per share on October 13, 2014.
On February 26, 2015, the Company issued a press release quoting its CEO as stating the following: "We have delivered a completed duplexer design for consideration to our first customer. Our design does not meet all the specifications in the development agreement, but we believe it delivers competitive performance, which we view as a major accomplishment. Our customer's decision whether to use our design is complex and based on a number of considerations, many of which are beyond our control."
Following Resonant's admission that it had ineffectively completed its first assignment, Resonant's stock price declined from $15.47 to $10.40 on February 27, 2015.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should kindly make reference to the "Resonant investigation."
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