PowerSecure International, Inc. (NYSE:POWR) Investor Files Lawsuit Against Directors Over Alleged Breaches Of Fiduciary Duties

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Company Name(s): 
PowerSecure
Case Name: 
PowerSecure Shareholder Derivative Lawsuit 08/29/2014
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: POWR
Lawsuit Overview
Type of Lawsuit: 
Shareholder Derivative Action
Date Filed: 
08/29/2014
Summary: 

September 2, 2014 (Shareholders Foundation) - An investor who holds shares of PowerSecure International, Inc. (NYSE:POWR) filed a lawsuit against certain directors of PowerSecure International over alleged breaches of fiduciary duties.

The plaintiff claims that after PowerSecure International’s alleged misrepresentations were revealed, shares of PowerSecure International, Inc. (NYSE:POWR) declined within a day from $18.60 per share to $7 per share.

PowerSecure International, Inc. currently faces also a lawsuit over alleged securities laws violations. The plaintiff in that lawsuit 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.

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.