Power Solutions International Inc (NASDAQ: PSIX) Investor Securities Class Action Lawsuit 08/22/2016

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Company Name(s): 
Power Solutions International
Case Name: 
Power Solutions International Shareholder Class Action Lawsuit 08/22/2016
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: PSIX
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
08/22/2016
Class Period Begin: 
02/27/2014
Class Period End: 
02/02/2017
Court of Filing: 
U.S. District Court for the Northern District of Illinois
Deadline To File for Lead: 
10/21/2016
Settlement Amount: 
$8,500,000
Deadline to Participate in Settlement: 
06/13/2019
Summary: 

January 24, 2019 - The court preliminarily approved the settlement.

January 22, 2019 - Parties filed a stipulation of settlement.

November 17, 2017 - Defendants filed a motion to dismiss.

September 15, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Power Solutions International Inc (NASDAQ: PSIX) common shares between February 27, 2014 and February 2, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between February 27, 2014 and February 2, 2017.

January 19, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

October 21, 2016 - Lead plaintiff motions were filed.

August 22, 2016 - An investor in shares of Power Solutions International Inc (NASDAQ: PSIX) filed a lawsuit in the U.S. District Court for the Northern District of Illinois over alleged violations of Federal Securities Laws by Power Solutions International Inc in connection with certain allegedly false and misleading statements made between May 8, 2015 and August 15, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of Power Solutions International Inc (NASDAQ: PSIX) common shares between May 8, 2015 and August 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between May 8, 2015 and August 15, 2016 the defendants made false and/or misleading statements and/or failed to disclose that Power Solutions International Inc inappropriately recognized revenue for certain transactions, that Power Solutions International Inc lacked adequate internal controls over financial reporting, and that as a result of the foregoing, that Power Solutions International Inc’s public statements were materially false and misleading at all relevant times.

Power Solutions International Inc reported that its annual Total Revenue rose from $348 million in 2014 to $389.45 million in 2015 while its Net Income declined from $23.73 million in 2014 to $14.28 million in 2015. Shares of Power Solutions International Inc (NASDAQ: PSIX) declined from $65.84 per share in April 2015 to as low as $8.83 per share in February 2016.

On August 15, 2016 Power Solutions International Inc (NASDAQ: PSIX) announced that it requires additional time to file its Form 10-Q for the quarter ended June 30, 2016, with the Securities and Exchange Commission in order to finalize the financial statements for the quarter. Specifically, Power Solutions International Inc stated that it has not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition Shares of Power Solutions International Inc (NASDAQ: PSIX) declined to as low as $13.00 per share on August 16, 2016.

On August 18, 2016, Power Solutions International Inc announced that it received a notice from The NASDAQ Stock Market on August 16, 2016, stating that the Company is not in compliance with NASDAQ Listing Rule 5250(c)(1) because it did not timely file its Quarterly Report on Form 10-Q for the quarter ended June 30, 2016 with the Securities and Exchange Commission.