WAYNE, Pa., Nov. 13, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all persons or entities that purchased the common stock of TCP International Holdings Ltd. (NYSE: TCPI) ("TCPI" or the "Company") between May 8, 2015 and November 5, 2015, inclusive (the "Class Period").
TCPI shareholders may, no later than January 11, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of TCPI and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/tcpi.
TCPI, together with its subsidiaries, designs, develops, manufactures, and markets lamps, fixtures, and Internet-based lighting control solutions to the retail, commercial, and industrial customers worldwide. The Company offers various light emitting diode and compact fluorescent lamps and fixtures, as well as linear fluorescent lighting products and halogen lighting systems. The Company sells its products through retail outlets, including home centers and mass merchants; club, grocery, drug, and hardware stores under private label; and electrical distributors, catalog houses, and specialty lighting distributors.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) TCPI's Chairman, defendant Ellis Yan ("Yan"), had made improper payments with his personal funds relating to TCPI's business; (ii) improper relationships existed between Yan and the Company's Vice-Chairman, Zhaoling Yan, and certain vendors; and (iii) as a result of the foregoing, Defendants' statements about TCPI's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On November 5, 2015, post-market, TCPI announced that it would delay the release of the Company's third-quarter financial results due to a pending investigation by the Audit Committee of TCPI's Board of Directors (the "Audit Committee") concerning the scope and propriety of payments made by its Chairman with his personal funds relating to TCPI's business, and whether relationships exist between Yan and Zhaoling Yan and certain vendors. TCPI also announced that it did not anticipate filing its third-quarter Form 10-Q by the extended due date of November 23, 2015. TCPI further announced that the Audit Committee has retained independent legal and accounting advisors in connection with its investigation.
On this news, the Company's stock fell $1.02, or more than 54%, to close at $1.20 on November 6, 2015.
If you are a member of the class, you may, no later than January 11, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
SOURCE Ryan & Maniskas, LLP