NEW YORK, Aug. 23, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed in the United States District Court, Northern District of Illinois, against Power Solutions International, Inc ("Power Solutions" or the "Company") (NASDAQ: PSIX) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased Power Solutions securities between May 8, 2015 and August 15, 2016, 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").
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, and failed to disclose material adverse facts regarding Power Solutions' business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Power Solutions improperly listed revenue for certain transactions; (2) Power Solutions did not have sufficient controls over financial reporting; and (3) consequently, Power Solutions' public statements were materially false and misleading at all relevant times.
On August 15, 2016, after-market hours, Power Solutions revealed that it needed an extension to file its quarterly report for the quarter ended June 30, 2016. The Company said that the it has not completed its financial statements "in light of an ongoing review of allegations made by a former employee" regarding "certain transactions involving revenue recognition." Following this news, Power Solutions dropped $1.52 per share, or 9.85%, to close at $13.91 on August 16, 2016.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/psix or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Power Solutions you have until October 21, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC