Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) Investor Securities Class Action Lawsuit 01/31/2019

If you purchased a significant amount of shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) between March 14, 2014, and November 14, 2018, and / or if you purchased any NASDAQ: RVLT shares prior to March 2014 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: April 1, 2019. NASDAQ: RVLT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Revolution Lighting Technologies
Case Name: 
Revolution Lighting Technologies Shareholder Class Action Lawsuit 01/31/2019
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: RVLT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/31/2019
Class Period Begin: 
03/14/2014
Class Period End: 
11/14/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
04/01/2019
Summary: 

An investor in shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Revolution Lighting Technologies, Inc. in connection with certain allegedly false and misleading statements made between March 14, 2014, and November 14, 2018.

Stamford, CT based Revolution Lighting Technologies, Inc. designs, manufactures, markets, and sells light-emitting diode (LED) lighting solutions focusing on the industrial, commercial, and government markets in the United States, Canada, and internationally. Revolution Lighting Technologies, Inc. reported that its annual Total Revenue declined from $172.12 million in 2016 to $152.31 million in 2017 and that its Net Loss increased from $0.522 million in 2016 to $53.9 million in 2017.

On October 19, 2018, the Company disclosed an ongoing SEC investigation regarding revenue recognized from transactions between 2014 through the second quarter of 2018. The Company estimated that the net effect on the reported revenue based on shipment of products, as opposed to the Company’s policy of bill and hold revenue recognition, “would have been to reduce revenue by $5.0 million, $6.3 million and $6.3 million in each of 2014, 2015 and 2016, respectively, and increase revenue by $11.6 million and $5.1 million in 2017 and 2018, respectively.”

Shares of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) declined to as low as $0.31 per share in December 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Revolution Lighting Technologies, Inc. (NASDAQ: RVLT) common shares between March 14, 2014, and November 14, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 14, 2014, and November 14, 2018, the defendants made false and/or misleading statements and/or failed to disclose that the Company was improperly recognizing revenue for certain transactions, that, as a result, the Company’s financial statements were misstated, that the Company lacked adequate internal controls over financial reporting, that, as a result, Company would be subject to regulatory scrutiny and incur substantial costs, and that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.