STEVENSON, Md., April 14, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Central District of California on behalf of purchasers of Resonant Inc. (“Resonant” or the “Company”) (Nasdaq:RESN) securities during the period between August 14, 2014 and February 26, 2015, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until May 18, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Resonant securities purchased on or after August 14, 2014 and held through the revelation of negative information during and/or at the end of the Class Period, as described below, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html. You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that there were errors 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 and that the Company would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015. According to the complaint, following the Company’s October 8, 2014 disclosure that its previously issued unaudited condensed consolidated financial statements for the three and six month periods ended June 30, 2014 and 2013 needed to be restated, the October 10, 2014 filing by the Company of an amended Form 10-Q for the quarter ended June 30, 2014 which restated its unaudited condensed consolidated financial statements and related disclosures for the three and six months ended June 30, 2014 and 2013, and the February 26, 2015 announcement that the Company’s completed duplexer design delivered to its first customer for consideration failed to meet the specifications in the Company’s development agreement with that customer resulting in the possibility that the customer may not use the Company’s design in the future, the value of Resonant shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.