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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of June 13, 2019, 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.
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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
Settlement Overview
You must register to view and download the Settlement Notice and Settlement Proof.
January 24, 2019 - The court preliminarily approved the settlement.
January 22, 2019 - A stipulation of settlement was filed by the parties.
November 17, 2017 - A motion to dismiss the amended complaint was filed.
September 15, 2017 - An amended complaint was filed.
August 22, 2016 - An investor in shares of Power Solutions International Inc (NASDAQ: PSIX) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Power Solutions International Inc in connection with certain allegedly false and misleading statements made between May 8, 2015 and August 15, 2016.
According to the complaint the plaintiff alleges on behalf of purchasers of Power Solutions International Inc (NASDAQ: PSIX) common shares between May 8, 2015 and August 15, 2016, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between May 8, 2015 and August 15, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Power Solutions International Inc inappropriately recognized revenue for certain transactions, that Power Solutions International Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, that Power Solutions International Inc’s public statements were materially false and misleading at all relevant times. Power Solutions International Inc reported that its annual Total Revenue rose from $348 million in 2014 to $389.45 million in 2015 while its Net Income declined from $23.73 million in 2014 to $14.28 million in 2015. Shares of Power Solutions International Inc (NASDAQ: PSIX) declined from $65.84 per share in April 2015 to as low as $8.83 per share in February 2016.
On August 15, 2016 Power Solutions International Inc (NASDAQ: PSIX) announced that it requires additional time to file its Form 10-Q for the quarter ended June 30, 2016, with the Securities and Exchange Commission in order to finalize the financial statements for the quarter.
Specifically, Power Solutions International Inc stated that it has not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition Shares of Power Solutions International Inc (NASDAQ: PSIX) declined to as low as $13.00 per share on August 16, 2016.
On August 18, 2016, Power Solutions International Inc announced that it received a notice from The NASDAQ Stock Market on August 16, 2016, stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 with the Securities and Exchange Commission.