STEVENSON, Md., Aug. 01, 2016 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of RiT Technologies Ltd. (Other OTC: RITT ) (“RiT” or the “Company”) securities during the period between March 3, 2015 through July 1, 2016, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until September 26, 2016 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in RiT securities during the Class Period. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that RiT CIS Ltd. (“RiT CIS”) was RiT Technologies’ major distributor in Russia and the Commonwealth of Independent States (“CIS”) region and RiT CIS was vital to the viability of RiT Technologies.
According to the complaint, following a February 11, 2016 press release announcing that RiT CIS was the Company’s major distributor in Russia and the CIS region and was delaying payments to the Company, an April 20, 2016 press release announcing collection problems of the overdue debts from its distributor in Russia and the CIS region, May 10, 2016 and May 23, 2016 press releases announcing that the Company has made no progress in the collection of the overdue debts, a June 3, 2016 press release announcing the resignation of the Company’s President and Chief Executive Officer, and a June 28, 2016 press release announcing that trading of the Company’s securities will be suspended, the value of RiT Technologies shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in RiT securities purchased on or after March 3, 2015 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
