The Shareholders Foundation announces that a deadline is coming up on May 18, 2015in the lawsuit filed for investors of Resonant Inc (NASDAQ:RESN over alleged securities laws violations by Resonant Inc.
Shares of Resonant Inc (NASDAQ:RESN) declined from $19.05 per share in February 2015 to as low as $3.66 per share on April 22, 2015.
Investors who purchased shares of Resonant Inc (NASDAQ:RESN) have certain options and there are strict and short deadlines running. Deadline: May 18, 2015. NASDAQ:RESN stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges on behalf of purchasers of Resonant Inc (NASDAQ:RESN) common shares between August 14, 2014, and February 26, 2015, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that Resonant Inc issued allegedly materially false and misleading statements to investors and/or allegedly failed to disclose that there were errors in Resonant’s financial statements for the three and six months ended June 30, 2014 and 2013, that Resonant’s disclosure controls and procedures were not effective as of June 30, 2014, and that Resonant would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015. When the truth was revealed to investors, the price of Resonant shares fell, damaging investors.
On February 26, 2015, Resonant Inc announced financial results and provided a business update for the fourth quarter and year ended December 31, 2014. Among other things, Resonant Inc said that it has “delivered a completed duplexer design for consideration to our first customer” but the delivered design “does not meet all the specifications in the development agreement.” Resonant Inc said also said that the customer’s decision whether to use Resonant’s design is uncertain and based on a number of considerations, many of which are beyond Resonant’s control.
On May 11, 2015, NASDAQ:RESN shares closed at $4.01 per share.
Those who purchased shares of Resonant Inc (NASDAQ:RESN) 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