WILMINGTON, Del., June 24, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of root9B Technologies, Inc. (OTC QB: RTNB)?
- Did you purchase your shares between December 1, 2014 and June 15, 2015, inclusive?
- Did you lose money in your investment in root9B Technologies, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of root9B Technolgies, Inc. ("root9B" or the "Company") (OTC QB: RTNB) between December 1, 2014 and June 15, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of root9B during the Class Period, or purchased shares prior to the Class Period and still hold root9B, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://rigrodskylong.com/investigations/root9b-technologies-inc-rtnb.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) the Company does not have an advanced cyber security product offering, and (2) a substantial portion of the Company's Cyber Solutions consists of a one-time low margin hardware installation, which the Company is moving away from. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on June 15, 2015, SeekingAlpha.com published an article revealing the true nature and prospects of the Company's Cyber Solutions business. Among other things, the article summarizes that root9B's "claimed ʻcyberʼ business is miniscule and imploding, while not a cyber-tech business but largely appears an old employee training program which [root9B] resells or other irrelevant, overhyped offerings."
On this news, shares in root9B declined over 9%, closing at $1.70 per share on June 15, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than August 24, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.