Wolf Popper LLP Announces Investigation on Behalf of Investors of PowerSecure International, Inc.
NEW YORK, May 12, 2014 /PRNewswire/ -- Wolf Popper LLP is investigating potential claims on behalf of investors of PowerSecure International, Inc. common stock ("PowerSecure") (NYSE: POWR) during the period between March 10, 2014 and May 7, 2014, concerning possible violations of federal securities laws. Such investors are advised to contact Fei-Lu Qian at 877.370.7703 or email@example.com.
On May 7, 2014, PowerSecure reported its first quarter 2014 financial results, including an adjusted loss of ($0.17) per share compared to analysts' earnings estimate of $0.02 per share. In addition, PowerSecure missed analysts' revenue estimate by 11%. Significantly, PowerSecure disclosed that its gross profit margin decreased to 20.9% in the first quarter 2014 from 30.6% a year earlier, driven primarily by inefficiencies in its utility services group. This is a stark contrast from what PowerSecure's top executives stated during the fourth quarter and fiscal 2013 earnings call on March 10, 2014 where they represented that PowerSecure had "visibility into what we believe will be another very good year in 2014 for our Utility Infrastructure business" and expected "2014 gross margins to continue to be in the mid to high 20s."
On this news, PowerSecure common stock declined $11.60 per share or more than 62%, to close at $7.00 per share on May 8, 2014.
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SOURCE Wolf Popper LLP