The Shareholders Foundation announces that an investigation on behalf of current long-term investors in shares of Resonant Inc (NASDAQ:RESN) was launched concerning potential breaches of fiduciary duties by certain directors and officers of Resonant Inc.
Investors who are current long term investors in Resonant Inc (NASDAQ:RESN) shares, 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 for current long term investors in NASDAQ:RESN stocks follows a lawsuit filed recently against Resonant Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NASDAQ:RESN stocks, concerns whether certain Resonant officers and directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Central District of California the plaintiff alleges that Resonant Inc issued certain 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.Shares of Resonant Inc (NASDAQ:RESN) declined to as low as $9.54 per share on February 27, 2015.
On April 2, 2015, Resonant Inc provided an update on the relationship with and first design project for its first customer. Among other things, Resonant Inc said that it received notice that the development agreement with its first customer has been terminated, and that Resonant must pursue commercialization of its designs with this customer by working directly with the filter manufacturer. On April 6, Resonant Inc hosted an investor conference call.
Shares of Resonant Inc (NASDAQ:RESN) declined to as low as $4.18 per share on April 7, 2015 and continued to decline to as low as $3.66 per share on April 17, 2015.
On April 24, 2015, NASDAQ:RESN shares closed at $3.88 per share, which is significantly below its current 52 week High of $19.86 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