An investigation on behalf of investors of Vuzix Corporation (NASDAQ:VUZI) shares over potential securities laws violations in connection certain financial statements was announced.
Investors who purchased shares of Vuzix Corporation (NASDAQ:VUZI) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Vuzix Corporation (NASDAQ:VUZI) concerning certain statements by regarding Vuzix’ business, its prospects and its operations were materially false and misleading at the time they were made.
On May 12, 2015, Vuzix Corporation announced in a Securities and Exchange Commission (“SEC”) filing that as reported in its 2014 Annual Report on Form 10-K, as of December 31, 2014, its management identified material weaknesses in its internal control over financial reporting that have a direct impact on our financial reporting.
Vuzix Corporation said that due to these material weaknesses in internal control over financial reporting, its management concluded in its 2014 Annual Report on Form 10-K that its disclosure controls and procedures were ineffective as of December 31, 2014. In addition, Vuzix Corporation said that its management, with the participation of its CEO and CFO, has evaluated the effectiveness of its disclosure controls and procedures as of March 31, 2015 and that its CEO and CFO have concluded that its disclosure controls and procedures were ineffective as of March 31, 2015. Shares of Vuzix Corporation (NASDAQ:VUZI) declined to $5.62 per share on May 13, 2015.
On May 14, 2015, Vuzix Corporation responded to the investigation by the law firm and denied any wrongdoing. Shares of Vuzix Corporation (NASDAQ:VUZI) declined to $5.41 per share on May 14, 2015.
Those who purchased shares of Vuzix Corporation (NASDAQ:VUZI) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com