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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Revolution Lighting, Astec, Wirecard, and Maiden Holdings and Encourages Investors to Contact the Firm
Globe Newswire 15-Mar-2019 8:05 PM
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C. reminds investors that class action lawsuits have been commenced on behalf of stockholders of Revolution Lighting Technologies, Inc., Astec Industries, Inc., Wirecard AG, and Maiden Holdings, Ltd. Stockholders have until the deadlines listed below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Revolution Lighting Technologies, Inc. (NASDAQ:RVLT)
Class Period: March 14, 2014 - November 14, 2018
Lead Plaintiff Deadline: April 1, 2019
The complaint alleges that throughout the class period defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the company's business, operations, and prospects. Specifically, the complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that the company was improperly recognizing revenue for certain transactions; (2) that, as a result, the company's financial statements were misstated; (3) that the company lacked adequate internal controls over financial reporting; (4) that, as a result, company would be subject to regulatory scrutiny and incur substantial costs; and (5) 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.
The complaint alleges that throughout the class period defendants made false and misleading statements and/or failed to disclose adverse information regarding Astec's business, operations and prospects, including that its wood pellet plants suffered from significant and costly problems that prevented them from running at their promised production capacity, posing a threat to the company's pellet plant business, its overall financial performance, and its financial outlook.
The complaint alleges that throughout the class period defendants made false and/or misleading statements and/or failed to disclose that: (1) for the period spanning from 2015 to 2018, a senior Wirecard executive in Singapore had been accused of forging and backdating contracts, including falsifying accounts and money laundering; (2) an external law firm commissioned to investigate Wirecard's Singapore office had reportedly found evidence of "serious offences of forgery and/or of falsification of accounts"; (3) Wirecard had downplayed weaknesses in its internal controls over financial reporting and failed to disclose the true extent of those weaknesses; and (4) as a result, defendants' statements about Wirecard's business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The complaint alleges that throughout the class period defendants misrepresented the quality and nature of Maiden's underwriting and risk management policies and practices and the risks of its reinsurance portfolio. Specifically, the complaint alleges that defendants misleadingly claimed that they were subjecting AmTrust's insurance portfolio to robust analysis and cross-checks to ensure that the company had appropriately priced the risk of reinsuring AmTrust's insurance portfolio. According to the complaint, the company failed to employ sufficient underwriting and risk management protocols and had largely abdicated its responsibility to ensure that its AmTrust Reinsurance segment priced policies commensurate with the risk assumed by the Company.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information about Bragar Eagel & Squire, P.C. please go to www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
