PowerSecure International Inc (NYSE: POWR) Investor Securities Class Action Lawsuit 05/23/2014

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Company Name(s): 
PowerSecure
Case Name: 
PowerSecure Shareholder Class Action Lawsuit 05/23/2014
Case Status: 
Case Dismissed
Affected Securities
NYSE: POWR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
05/23/2014
Class Period Begin: 
03/10/2014
Class Period End: 
05/07/2014
Court of Filing: 
U.S. District Court for the Eastern District of North Carolina
Deadline To File for Lead: 
07/22/2014
Case Dismissed: 
11/15/2017
Summary: 

November 15, 2017 - The U.S. Court of Appeals for the Fourth Circuit affirmed the judgement of the district court.

October 7, 2016 - The lead plaintiff filed a notice of appeal.

September 14, 2016 - The court granted defendants' motion to dismiss.

November 23, 2015 - Defendants filed a motion to dismiss.

October 16, 2015 - The lead plaintiff filed another amended complaint.

September 15, 2015 - The court granted defendants' motion to dismiss without prejudice.

February 26, 2015 - Defendants filed a motion to dismiss.

December 29, 2014 - The lead plaintiff filed an amended complaint.

October 10, 2014 - The lead plaintiff and lead counsel were appointed and all cases were consolidated.

July 22, 2014 - Lead plaintiff motions were filed.

May 22, 2014 - An investor in shares of PowerSecure International Inc (NYSE: POWR) filed a lawsuit in the U.S. District Court for the Eastern District of North Carolina against PowerSecure International Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between March 10, 2014 through May 7, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of PowerSecure International Inc (NYSE: POWR) common shares between March 10, 2014 through May 7, 2014, that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.

The plaintiff claims that defendants made allegedly materially false and/or misleading statements by misrepresenting and failing to disclose certain adverse facts, including that PowerSecure International Inc lacked the experience and internal controls necessary to expand its distributed generation business into larger contracts.

PowerSecure International Inc reported that its annual Total Revenue rose from $162.04 million in 2012 to $270.23 million in 2013 and that its respective Net income increased from $3.08 million to $4.41 million. Shares of PowerSecure International Inc (NYSE:POWR) grew from $4.43 per share in August 2012 to as high as $25.28 per share in March 2014.

Then on May 7, 2014, PowerSecure International Inc reported its first quarter 2014 results.

Among other things, the chief executive officer of PowerSecure International Inc said that it "mis-timed actions to shift resources to more profitable customers, as revenues from those new customers were not adequate to sustain it margins”.

Shares of PowerSecure International Inc (NYSE: POWR) declined from $20.50 per share on May 6, 2014 to $6.45 per share on May 12, 2014.

On May 23, 2014, PowerSecure International Inc (NYSE: POWR) shares closed at $8.21 per share.