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Growlife Inc (OTC: PHOT) Investor Securities Class Action Lawsuit 04/18/2014

  • You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of July 11, 2015, by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Growlife Inc
Security
OTC: PHOT

Case Name
Growlife Shareholder Class Action Lawsuit 04/18/2014
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

Class Period Begin
Class Period End
Deadline To File for Lead
Settlement Notice
growlife_inc_settlement_notice_4_2015.pdf
Settlement Proof
growlife_inc_settlement_proof_4_2015.pdf
Filed Complaint
growlife_inc_original_filing_edited_4_2014.pdf
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Settlement Overview

Date Settled
Date Settled
Settlement Amount
$2,700,000.00
Deadline to Participate in Settlement

You must register to view and download the Settlement Notice and Settlement Proof.

Summary

April 27, 2015 - The court preliminarily approved the settlement.

March 26, 2015 - A stipulation of settlements filed by the parties.

April 18, 2014 - An investor in shares of Growlife Inc (OTC: PHOT) filed a lawsuit in the U.S. District Court for the Central District of California against Growlife Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between November 14, 2013 and April 9, 2014.

According to the complaint the plaintiff alleges on behalf of all persons or entities who purchased or otherwise acquired securities of Growlife Inc (OTC: PHOT) between November 14, 2013 and April 9, 2014, that Growlife Inc violated Federal Securities Laws pursuant to Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder.

More specifically, the plaintiff claims that between November 14, 2013 and April 9, 2014 Growlife Inc issued allegedly materially false and misleading statements about its true financial condition. Growlife Inc reported that its annual Total Revenue rose from $0.95 million in 2011 to $1.45 million in 2012 while its Net Loss increased from $0.40 million in 2011 to $2.19 million in 2012. Shares of Growlife Inc (OTC: PHOT) grew from $0.03 per share in August 2012 to as high as $0.777 per share in March 2014.

Then, on April 10, 2014, the Securities and Exchange Commission (“SEC”) temporarily suspended trading of GrowLife securities for 10 market days. The SEC said that it was suspending the trading because of concerns regarding the accuracy and adequacy of information.

growlife_inc_original_filing_edited_4_2014.pdf
Date Settled