WILMINGTON, DE / ACCESSWIRE / November 14, 2019 / Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Resideo Technologies, Inc. (NYSE:REZI)?
- Did you purchase your shares between October 29, 2018 and October 22, 2019, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Minnesota on behalf of all persons or entities that purchased the common stock of Resideo Technologies, Inc. ("Resideo" or the "Company") (NYSE:REZI) between October 29, 2018 and October 22, 2019, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Resideo during the Class Period, or purchased shares prior to the Class Period and still hold Resideo, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at info@rl-legal.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, defendants failed to disclose that the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company's product sales, supply chain, and gross margins, putting Resideo's fiscal 2019 financial forecasts at risk, and that, as a consequence, the Company's financial guidance lacked a reasonable basis and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on October 22, 2019, Resideo issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for fiscal 2019 by $80 million. Also on October 22, 2019, the Company announced that the Company's CFO would be leaving as of November 6, 2019.
On this news, shares of Resideo fell over 37%, closing at $9.50 per share on October 23, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 7, 2019. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Seth D. Rigrodsky
Timothy J. MacFall
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
SOURCE: Rigrodsky & Long, P.A.
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https://www.accesswire.com/566633/SHAREHOLDER-ALERT-Rigrodsky-Long-PA-Announces-A-Securities-Fraud-Class-Action-Lawsuit-Has-Been-Filed-Against-Resideo-Technologies-Inc
