Vuzix Corporation (NASDAQ:VUZI) Investor Securities Class Action Lawsuit 07/24/2018

If you purchased a shares of Vuzix Corporation (NASDAQ:VUZI), you have certain options and for certain investors are short and strict deadlines running. Deadline: September 24, 2018. NASDAQ:VUZI 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): 
Vuzix
Case Name: 
Vuzix Shareholder Class Action Lawsuit 07/24/2018
Case Status: 
Lawsuit Filed
Affected Securities
NASDAQ: VUZI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
07/24/2018
Class Period Begin: 
11/09/2017
Class Period End: 
03/20/2018
Court of Filing: 
U.S. District Court for the Southern District of New York
Deadline To File for Lead: 
09/24/2018
Summary: 

An investor in shares of Vuzix Corporation (NASDAQ:VUZI) filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Vuzix Corporation in connection with certain allegedly false and misleading statements made between November 9, 2017, and March 20, 2018.

According to the complaint the plaintiff alleges on behalf of persons and entities that a) acquired Vuzix Corporation (NASDAQ:VUZI) securities pursuant and/or traceable to the Company’s false and/or misleading registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s January 2018 secondary public offering (“SPO” or the “Offering”); and/or, b) acquired Vuzix securities between November 9, 2017, and March 20, 2018, that the defendants violated Securities Act of 1933 and the Securities Exchange Act of 1934.More specifically, the plaintiff claims that defendants failed to disclosethat Vuzix used unlawful stock promotion tactics to boost the Company’s stock price, that Vuzix Corporation used misleading stock promotion tactics to raise nearly $30 million at an all-time high share price, and that, as a result of the foregoing, Defendants’ statements in the Registration Statement regarding Vuzix’s business, operations, and prospects, were materially false and/or misleading.

On March 16, 2018, a report was issued stating “Vuzix Corporation recently used an undisclosed stock promotion involving dozens of mainstream media outlets to artificially inflate the share price and volume, and then raise $30 million.”