Shareholder rights law firm Johnson & Weaver, LLP announces that a class action lawsuit has been filed in the United States District Court for the Eastern District of North Carolina on behalf of all purchasers of the common stock of PowerSecure International, Inc. (NYSE: POWR).
PowerSecure International provides products and services to electric utilities and to their commercial, institutional, and industrial customers in the United States.
The Complaint alleges that defendants issued false and misleading statements and failed to disclose that the Company was attempting to shift resources within its utility infrastructure business. According to the Complaint, the shifting of these resources was negatively impacting the Company’s operations and utility services performance. As a result, the Complaint alleges, the Company was experiencing productivity losses and higher costs within its utility services group, which were negatively impacting the Company’s gross margins.
On May 7, 2014, PowerSecure reported its financial results for the fiscal first quarter of 2014. PowerSecure announced a loss per share of ($0.17) and disclosed that its gross profit margin had decreased to 20.9% for the quarter from 30.6% for the same quarter in 2013. Wall Street analysts had estimated Company’s earnings would be $0.02 per share. On this news, shares in PowerSecure dropped more than 60% the next trading day. The lawsuit seeks recovery on behalf of investors that purchased PowerSecure common stock during a specified time period.
If you purchased PowerSecure common stock at anytime on or before May 7, 2014, you are encouraged to contact Jim Baker ([email protected]) at 619-814-4471 to discuss your legal rights and remedies. If you email, please include your phone number.Johnson & Weaver, LLP is a nationally recognized shareholder rights law firm with offices in California, New York, and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonandweaver.com. Attorney advertising. Past results do not guarantee future outcomes.