NEW YORK, May 09, 2015 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds shareholders of Resonant, Inc. (“Resonant” or the “Company”) (Nasdaq:RESN) of the upcoming May 18, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Resonant and certain executives of the Company.
A complaint has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased Resonant common stock during the period of August 14, 2014 to February 26, 2015 (the “Class Period”).
The complaint alleges that the Company and certain executives violated the federal securities laws with respect to its statements concerning its business, operations, and prospects.
Specifically, the action alleges that during the Class Period Resonant failed to disclose that (a) Resonant’s financial statements for the three and six months periods ended June 30, 2013 and 2014 contained errors; (b) Resonant's disclosure controls and procedures were not effective as of June 30, 2014; and (c) Resonant would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015.
On February 26, 2015, Resonant announced that the duplexer design it delivered to its first customer did “not meet all the specifications in the development agreement[,]” thus, the customer may not use Resonant’s design in the future.
Following this news, Resonant shares declined by $5.07 per share, or more than 32%, to close on February 27, 2015 at $10.40 per share.
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Take Action
If you invested in Resonant stock or options from August 14, 2014 through February 26, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/RESN. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Resonant’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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