SAN FRANCISCO, Apr. 09, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors who have losses over $50,000 of the May 1, 2015 lead plaintiff deadline in a class action lawsuit filed against TCP International Holdings Ltd. (NYSE:TCPI) (“TCP” or “the Company”). The suit is pending in U.S. District Court for the Southern District of New York, and investors who purchased TCP securities between June 26, 2014 and February 27, 2015 (the “Class Period”) have until May 1, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.
If you have losses of over $50,000 from your purchases TCP securities during the Class Period you may contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing TCPI@hbsslaw.com or visiting http://hb-securities.com/investigations/TCPI. Investors with losses less than $50,000 are still eligible to be members of the class and no class has yet been certified in this case.
TCP is a lighting products and accessories company that specializes in LED lamps, compact fluorescent lamps, halogen lamps, and other compact and standard fluorescent parts and accessories. The Complaint alleges that throughout the Class Period, defendants made false and / or misleading statements and / or failed to disclose that the Company and its executives were bypassing the UL and ENERGY STAR certification processes by placing noncompliant products into the marketplace. Additionally, the Complaint alleges that TCP’s CEO, Ellis Yan consistently disregarded policies related to expenditure and credit, product development, product design and safety, and the Company’s business and ethics policies.
The truth began to emerge when, on February 26, 2015, TCP announced that claims had been filed against the Company and Yan, by the Company’s General Counsel and Chief Compliance Officer, Laura Hauser, alleging misconduct by the CEO and related matters. Hauser’s action alleges that the CEO’s conduct violated “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.
“Although we do not have all the details of what happened at TCP,” said Hagens Berman partner Reed Kathrein, “what is emerging is a pattern of corporate malfeasance that entirely disregards shareholder interest.”
If you were negatively impacted by your investment in TCP securities between June 26, 2014 and February 27, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding TCP should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. For more information, call Reed Kathrein at (510) 725-3000 or email TCPI@hbsslaw.com.
Hagens Berman Sobol Shapiro LLP is an investor-rights class-action law firm headquartered in Seattle, Washington with offices in nine cities. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes can be found at www.hbsslaw.com. Read the firm’s Securities Newsletter at http://www.hb-securities.com/newsletter. The firm’s blog is located at www.meaningfuldisclosure.com.
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