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Resideo Technologies, Inc. (NYSE: REZI) Investor Securities Class Action Lawsuit 11/08/2019

  • If you purchased shares of Resideo Technologies, Inc. (NYSE: REZI), you may have certain options. Please contact 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
Resideo Technologies, Inc.
Security
NYSE: REZI

Case Name
Resideo Technologies Shareholder Class Action Lawsuit 11/08/2019
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the District of Minnesota

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Summary

March 30, 2021 - The court denied the defendants' motion to dismiss.

July 10, 2020 - A motion to dismiss the amended consolidated complaint was filed.

April 10, 2020 - An amended consolidated complaint was filed.

November 8, 2019 - An investor in shares of Resideo Technologies, Inc. (NYSE: REZI) filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Resideo Technologies, Inc. in connection with certain allegedly false and misleading statements made between October 29, 2018 and October 22, 2019.

Austin, TX based Resideo Technologies, Inc. provides critical comfort, thermal, and security solutions primarily in residential environments in the United States, Europe, and internationally. Resideo Technologies, Inc reported that its annual Total Revenue rose from over $4.51 billion in 2017 to over $4.82 billion in 2018 and that its Net Loss of $394 million in 2017 turned to a Net Income of $405 million in 2018.

On October 22, 2019, Resideo Technologies, Inc issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for fiscal year 2019 by $80 million. Also on October 22, 2019, Resideo Technologies, Inc announced that Joseph D. Ragan III, the Company's Chief Financial Officer, would be leaving Resideo on November 6, 2019. Shares of Resideo Technologies, Inc. (NYSE: REZI) declined from $25.86 per share in February 2019 to as low as $8.60 per share on October 23, 2019.

According to the complaint the plaintiff alleges on behalf of purchasers of Resideo Technologies, Inc. (NYSE: REZI) common shares between October 29, 2018 and October 22, 2019, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between October 29, 2018 and October 22, 2019, the defendants failed to disclose that the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company’s product sales, supply chain, and gross margins, putting Resideo Technologies, Inc’s fiscal 2019 financial forecasts at risk, and that, as a consequence, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed. The plaintiff says that as a result of defendants’ material misrepresentations and omissions, Resideo Technologies, Inc stock traded at artificially inflated prices of more than $26 per share between October 29, 2018 and October 22, 2019.