Resonant Inc (NASDAQ: RESN) Investor Securities Class Action Lawsuit 03/17/2015

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Company Name(s): 
Resonant
Case Name: 
Resonant Shareholder Class Action Lawsuit 03/17/2015
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NASDAQ: RESN
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/17/2015
Class Period Begin: 
11/06/2014
Class Period End: 
02/26/2015
Court of Filing: 
U.S. District Court for the Central District of California
Deadline To File for Lead: 
05/18/2015
Date Settled: 
07/13/2017
Settlement Amount: 
$2,750,000
Deadline to Participate in Settlement: 
11/10/2017
Settlement Notice: 
Settlement Proof: 
Summary: 

July 13, 2017 - The court preliminarily approved the settlement.

June 14, 2017 - Parties filed an amended stipulation of settlement.

March 31, 2017 - Parties filed a stipulation of settlement.

July 11, 2016 - The court granted in part and denied in part defendants' motion to dismiss.

February 23, 2016 - The lead plaintiffs filed a second amended consolidated complaint.

February 8, 2016 - The court granted defendants' motion to dismiss with leave to amend.

November 30, 2015 - Defendants filed a motion to dismiss.

September 24, 2015 - The lead plaintiffs filed an amended consolidated complaint on behalf of investors who purchased Resonant Inc (NASDAQ: RESN) common shares between May 28, 2014 and April 2, 2015. The lead plaintiffs allege that the defendants violated the Securities Act of 1933 by issuing false and misleading statements between May 28, 2014 and April 2, 2015.

August 7, 2015 - Lead plaintiffs and lead counsel were appointed and all cases were consolidated.

May 18, 2015 - Lead plaintiff motions were filed.

March 17, 2015 - An investor in shares of Resonant Inc (NASDAQ: RESN) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Resonant Inc in connection with certain allegedly false and misleading statements made between August 14, 2014, and February 26, 2015.

According to the complaint 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 Inc’s financial statements for the three and six months ended June 30, 2014 and 2013, that Resonant Inc’s disclosure controls and procedures were not effective as of June 30, 2014, and that Resonant Inc 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 Inc 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 Inc’s design is uncertain and based on a number of considerations, many of which are beyond Resonant Inc’s control. Shares of Resonant Inc (NASDAQ: RESN) declined to as low as $9.54 per share on February 27, 2015.