Acorn Energy Inc (NASDAQ:ACFN) Investor Investigation Over Potential Violations Of Securities Laws Announced

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Company Name(s): 
Acorn Energy
Affected Securities: 

October 8, 2013 (Shareholders Foundation) - An investigation on behalf of investors of Acorn Energy Inc (NASDAQ:ACFN) shares over potential securities laws violations by Acorn Energy and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Acorn Energy Inc (NASDAQ:ACFN) concerning whether a series of statements by Acorn Energy. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Acorn Energy Inc reported that its annual Total Revenue rose from $18.93 million in 2011 to $19.42 million in 2012 and that its Net Income of $35.41 million in 2011 declined to a Net Loss of $16.71 million in 2012.

Shares of Acorn Energy Inc (NASDAQ:ACFN) grew deom $3.46 per share in June 2011 to as high as $12.09 per share in April 2012. NASDAQ:ACFN shares declined in the end of 2012 to $7.44 per share but reached in july 2013 as high as $9.64 per share.

Then on Oct. 7, 2013, Acorn Energy Inc announced that on October 3, 2013, the Audit Committee of Acorn Energy, Inc. (the “Company” or “Acorn”) determined that the Company will record an impairment charge as a result of write-downs of goodwill and/or other intangibles, and will record a restructuring charge, with respect to its OmniMetrix subsidiary.

Acorn Energy Inc also provided a financial outlook and said among other things, that each of the Company’s subsidiaries experienced delays in anticipated orders, lower than planned sales volume or shipment of orders.

Shares of Acorn Energy Inc declined from $6.08 per share on Oct. 1, 2013, respectively $5.21 per share on Oct. 4, 2013, to a close of $3.41 per share on Oct. 7, 2013.