NEW YORK, March 3, 2015 (GLOBE NEWSWIRE) -- Tripp Levy PLLC, a leading national securities law firm, announced that a class action has been commenced in the United States District Court for the Northern District of Ohio on behalf of purchasers of TCP International Holdings Ltd. ("TCP") (NYSE:TCPI) stock in and/or traceable to the initial public offering ("IPO") on or about June 26, 2014.
The complaint alleges that the Registration Statement issued in connection with the IPO included information that was false. Specifically, the Registration Statement negligently contained statements that falsely described the Company's operations and business, including false statements concerning the Company's important Underwriters Laboratory ("UL") and Energy Star approvals, compliance, and qualifications. In addition, the Registration Statement failed to disclose certain material events known to defendants that caused the information reported in the Registration Statement and other public statements not to be indicative of TCP's actual operations.
In addition, it was announced that the Company's General Counsel and Chief Compliance Officer filed a lawsuit against the Company alleging, among other things, that the Company's CEO obscured financial information and accountability to the Company's CFO, and overrode and/or disregarded various internal policies.
On February 27, 2015, TCP shares closed at $3.02 per share, or approximately 75% less than the IPO price.
If you purchased shares in and/or traceable to the June 26, 2014 IPO of TCP, and/or purchased shares of the Company between June 26, 2014 through February 27, 2015, and have suffered a loss from your investment and would like to learn more about this investigation, please contact us either by email at contact@tripplevy.com or by telephone at (800) 511-7037 or visit our website at www.tripplevy.com. Please make sure you identify how many shares you own and/or your losses on your investment in TCP. In addition, you may visit the website at www.tripplevy.com/participate-in-an-action.
Tripp Levy PLLC is a leading national securities and shareholder rights law firm representing both individual and institutional shareholders and, along with its affiliate, has recovered billions of dollars for shareholders. Tripp Levy PLLC is affiliated with Milberg LLP. The National Law Journal has named Milberg one of the "50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff Firms in America."
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