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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 July 30, 2020 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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Lawsuit Overview
Settlement Overview
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April 10, 2020 - The court preliminarily approved the settlement.
March 18, 2020 - A stipulation of settlement was entered by the parties.
January 31, 2019 - An investor in shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Revolution Lighting Technologies, Inc. in connection with certain allegedly false and misleading statements made between March 14, 2014, and November 14, 2018.
Stamford, CT based Revolution Lighting Technologies, Inc. designs, manufactures, markets, and sells light-emitting diode (LED) lighting solutions focusing on the industrial, commercial, and government markets in the United States, Canada, and internationally. Revolution Lighting Technologies, Inc. reported that its annual Total Revenue declined from $172.12 million in 2016 to $152.31 million in 2017 and that its Net Loss increased from $0.522 million in 2016 to $53.9 million in 2017.
On October 19, 2018, the Company disclosed an ongoing SEC investigation regarding revenue recognized from transactions between 2014 through the second quarter of 2018. The Company estimated that the net effect on the reported revenue based on shipment of products, as opposed to the Company’s policy of bill and hold revenue recognition, “would have been to reduce revenue by $5.0 million, $6.3 million and $6.3 million in each of 2014, 2015 and 2016, respectively, and increase revenue by $11.6 million and $5.1 million in 2017 and 2018, respectively.” Shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) declined to as low as $0.31 per share in December 2018.
According to the complaint the plaintiff alleges on behalf of purchasers of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) common shares between March 14, 2014, and November 14, 2018, that the defendants violated Federal Securities Laws.
More specifically, the plaintiff claims that between March 14, 2014, and November 14, 2018, the defendants made false and/or misleading statements and/or failed to disclose that the Company was improperly recognizing revenue for certain transactions, that, as a result, the Company’s financial statements were misstated, that the Company lacked adequate internal controls over financial reporting, that, as a result, Company would be subject to regulatory scrutiny and incur substantial costs, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.