NEW YORK, March 31, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP has filed a class action lawsuit against Resonant, Inc. ("Resonant" or the "Company") (Nasdaq:RESN) and certain of its officers. The class action, filed in United States District Court, Central District of California, and docketed under 15-cv-02369, is on behalf of a class consisting of all persons or entities who purchased Resonant securities between August 14, 2014 and February 26, 2015, inclusive (the "Class Period"). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
If you are a shareholder who purchased Resonant securities during the Class Period, you have until May 18, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Resonant is a development stage company, which focuses on creating filter designs for radio frequency ("RF") front-ends in the mobile device industry.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, prospects and performance. Specifically, during the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) there were errors in the valuation of warrant liabilities, weighted average shares outstanding and earnings per share, and the notes to the condensed consolidated financial statements for the three and six months ended June 30, 2014 and 2013; (2) the Company's disclosure controls and procedures were not effective as of June 30, 2014; (3) the Company would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015; and (4) as a result of the foregoing, the Company's financial statements and statements concerning its business operations and prospects were materially false and misleading at all relevant times.
On October 8, 2014, the Company filed a Form 8-K with the SEC revealing that its previously issued unaudited condensed consolidated financial statements for the three and six month periods ended June 30, 2014 and 2013 included in its Form 10-Q for the quarter ended June 30, 2014 filed with the SEC on August 14, 2014 ("2014 2nd Quarter 10-Q") needs to be restated. The Company also revealed that it identified a material weakness in its internal controls as of June 30, 2014.
On this news, shares of Resonant fell $0.13 per share from its previous closing price to close at $6.35 per share on October 9, 2014, damaging investors.
On October 10, 2014, the Company filed an amended Form 10-Q for the quarter ended June 30, 2014 with the SEC (the "Amended 2014 2nd Quarter 10-Q"), which restated its unaudited condensed consolidated financial statements and related disclosures for the three and six months ended June 30, 2014 and 2013.
On this news, shares of Resonant fell $0.25 per share from its previous closing price to close at $6.05 per share on October 13, 2014, further damaging investors.
On February 26, 2015, the Company announced that the completed duplexer design it delivered to its first customer for consideration did not meet all the specifications in the development agreement.
On this news, shares of Resonant fell $5.07 per share, or over 32%, from its previous closing price to close at $10.40 per share on February 27, 2015, further damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and San Diego, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.