NEW YORK, NY--(Marketwired - September 09, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Power Solutions International, Inc. ("Power Solutions" or the "Company") (NASDAQ: PSIX) of the October 21, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Northern District of Illinois on behalf of all those who purchased Power Solutions securities between May 8, 2015 and August 15, 2016 (the "Class Period"). The case, Gupta v. Power Solutions International, Inc. et al, No. 1:16-cv-08253 was filed on August 22, 2016, and has been assigned to Judge Virginia M. Kendall.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that the Company inappropriately recognized revenue for certain transactions and lacked adequate internal controls over financial reporting.
Specifically, after market hours on August 15, 2016, the Company issued a press release and filed a Current Report on Form 8-K with the SEC, announcing that the Company needed additional time to file its quarterly report for the quarter ended June 30, 2016 with the SEC. The Company stated that the delay in filing was due "an ongoing review of allegations made by a former employee" concerning "certain transactions involving revenue recognition."
After the announcement, Power Solutions' share price fell from $15.43 per share on August 15, 2016 to a closing price of $13.91 on August 16, 2016 -- a $1.52 or a 9.85% drop.
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If you invested in Power Solutions securities between May 8, 2015 and August 15, 2016 and would like to discuss your legal rights, visit www.faruqilaw.com/PSIX. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Power Solutions' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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