The investigation concerns whether Power Solutions and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 15, 2016, after the market closed, Power Solutions disclosed that the Company needed additional time to file its quarterly report for the quarter ended June 30, 2016 with the Securities and Exchange Commission. Specifically, Power Solutions stated that the Company has not completed its financial statements "in light of an ongoing review of allegations made by a former employee" concerning "certain transactions involving revenue recognition."
On this news, Power Solutions stock fell $1.52 per share, or 9.85%, to close at $13.91 on August 16, 2016.
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 80 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
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SOURCE Pomerantz LLP