NEW YORK, March 17, 2017 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Vuzix Corporation ("Vuzix" or the "Company") (NASDAQ: VUZI). Such investors are advised to contact Robert S. Willoughby at email@example.com or 888-476-6529, ext. 9980.
The investigation concerns whether Vuzix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 16, 2017, post-market, Vuzix announced that the Company had "determined that material weaknesses in intern control over financial reporting related to the financial reporting and close process monitoring of subsidiaries, and related to inventory existed as of December 31, 2016" and that consequently, "Vuzix Corporation has not maintained effective internal control over financial reporting as of December 31, 2016."
On this news, Vuzix's share price has fallen as much as $1.00, or 13.89%, during intraday trading on March 17, 2017.
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