SAN FRANCISCO, Aug. 24, 2016 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in Power Solutions International, Inc. (NASDAQ:PSIX) to the October 21, 2016 Lead Plaintiff deadline in the securities class action lawsuit filed in the United States District Court for the Northern District of Illinois.
To all investors in PSIX: If you purchased or otherwise acquired securities of Power Solutions International, Inc. between May 8, 2015 through August 15, 2016 and suffered significant losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/PSIX
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing PSIX@hbsslaw.com.
On August 16, 2016, Power Solutions received a delinquency notice from The Nasdaq Stock Market stating that the Company was not in compliance with listing rules because it had not filed its quarterly report on Form 10-Q for the second quarter ended June 30, 2016.
The previous day, Power Solutions announced the delayed filing with the Securities and Exchange Commission, explaining “it has not completed its financial statements in light of an ongoing review of allegations made by a former employee.” Furthermore, “[t]he review is primarily focused on certain transactions involving revenue recognition.”
In response to this news, the price of Power Solutions shares fell almost 10% to close at $13.91 per share on August 16, 2016.
“We’re investigating whether the Company recognized revenue that was not earned, a clear violation of applicable accounting rules,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Power Solutions International, Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email PSIX@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 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, and visit the blog. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.