NEW YORK, Dec. 25, 2015 /PRNewswire/ -- Pomerantz LLP announces that a class action lawsuit has been filed against TCP International Holdings Ltd. ("TCPI" or the "Company") (NYSE: TCPI) and certain of its officers. The class action, filed in United States District Court, Southern District of New York, and docketed under 15-cv-08889, is on behalf of a class consisting of all persons or entities who purchased TCPI securities between May 8, 2015 and November 5, 2015 inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased TCPI securities during the Class Period, you have until January 11, 2016 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at firstname.lastname@example.org or 888.476.6529 (or 888.4-POMLAW), toll free, ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
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.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP