NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vuzix Corporation (“Vuzix” or the “Company”) (NASDAQ: VUZI ) of the September 24, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Vuzix stock or options between November 9, 2017 and March 20, 2018; and/or pursuant and/or traceable to the Company’s registration statement and prospectus issued in connection with its January 2018 secondary public offering (“SPO” or the “Offering”) and would like to discuss your legal rights, click here : www.faruqilaw.com/VUZI. There is no cost or obligation to you.
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 rgonnello@faruqilaw.com.
CONTACT:
FARUQI & FARUQI, LLP
685 Third Avenue, 26 th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Vuzix securities pursuant to the January SPO or between November 9, 2017 and March 20, 2018 (the “Class Period”). The case, McDonel v. Vuzix Corporation et al., Docket No. 18-cv-06656 was filed on July 24, 2018 and has been assigned to Judge Louis Lee Stanton.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose: (1) that Vuzix was using unlawful stock promotion tactics to boost its stock price; (2) that Vuzix was engaging in misleading stock promotion tactics to raise nearly $30 million at an all-time high share price; and (3) as a result of the foregoing, defendants’ claims in the Registration Statement regarding Vuzix’s business, operations, and prospects, were materially false and/or misleading.
Specifically, on January 26, 2018, Vuzix commenced an SPO in which it offered 3,000,000 shares of common stock at a price of $10.00 per share. Then, on March 20, 2018, MOX Reports—a website headed by investor Richard Pearson—released a report in which it accused Vuzix of fraudulent stock inflation and marketing tactics.
On this news, Vuzix’s share price fell from $6.95 per share on March 20, 2018 to a closing price of $5.95 on March 21, 2018—a $1.00 or a 14.39% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Vuzix’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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