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Fraud Class Action Lawsuit Has Been Filed Against TCP International Holdings Ltd.
WILMINGTON, Del., March 4, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
Do you, or did you, own shares of TCP International Holdings Ltd. (NYSE: TCPI)?
Did you purchase your shares between June 26, 2014 and February 27, 2015, inclusive?
Did you lose money in your investment in TCP International Holdings Ltd.?
Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Northern District of Ohio on behalf of all persons or entities that purchased the common stock of TCP International Holdings Ltd. ("TCP" or the "Company") (NYSE: TCPI) between June 26, 2014 and February 27, 2015, inclusive, including those investors who acquired TCP shares pursuant or traceable to its initial public offering ("IPO") commenced on June 26, 2014 (collectively, the "Class Period"), alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the "Complaint").
If you purchased shares of TCP during the Class Period and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to info@rl-legal.com; or at: http://www.rigrodskylong.com/investigations/tcp-international-holdings-ltd-tcpi.
TCP, together with its subsidiaries, designs, develops, manufactures and delivers high quality energy-efficient lamps, fixtures and internet-based lighting control solutions. 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, the Complaint alleges that the defendants concealed from the investing public that TCP's Registration Statement issued in connection with the IPO included information that was false. The Registration Statement negligently contained statements that falsely described the Company's operations and business, including false statements concerning the Company's important Underwriters Laboratory ("UL") and Energy Star approvals, compliance, and qualifications. In addition, the Registration Statement failed to disclose certain material events known to defendants that caused the information reported in the Registration Statement and other public statements not to be indicative of TCP's actual operations. As a result of defendants' false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on February 26, 2015, Laura Hauser, the Company's General Counsel, filed a lawsuit against TCP, its subsidiary and CEO Ellis Yan ("Yan"), claiming that Yan has run the lighting products company in a reckless and unethical way — and threatened her for bringing it up with the Company's board. Among the problems Hauser cited in the lawsuit: Yan allegedly ordered the company to produce 40,000 LED lamps labeled with the "UL" mark even though they had not been approved by the product testing company. The lamps eventually failed UL tests, the lawsuit stated.
On this news, shares in TCP plummeted over 57%, closing at $2.74 per share on February 27, 2015, on heavy trading volume of over 2.8 million shares.
If you wish to serve as lead plaintiff, you must move the Court no later than May 1, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT:
Rigrodsky & Long, P.A.
Timothy J. MacFall, Esquire
Peter Allocco
(888) 969-4242
(516) 683-3516
Fax: (302) 654-7530
info@rl-legal.com
http://www.rigrodskylong.com
SOURCE Rigrodsky & Long, P.A.
Source Link
http://www.prnewswire.com/news-releases/rigrodsky--long-pa-announces-a-securities-fraud-class-action-lawsuit-has-been-filed-against-tcp-international-holdings-ltd-300045515.html
I see some of the traders from last year are still around
Looks like Mr. Phillips is up to his old tricks again.
FWIW, This company has a history of providing misleading statements, like the funding news, and the mess with the preferred stock. So far they've delivered little on their promises. The only thing I see that they're good at is selling shares. Folks, they diluted BILLIONS of shares a year ago. Seriously. The OS went from something like 2.5 billion to over 8 billion in a couple of months.
I truly hope some of you make money, it can be done. I flipped this twice last year and did okay. May flip it again, we'll see. But don't hold your breath for that life changing play. Before the RS last Sept. the pps never went over .0014 and was at no bid most of the summer.
GLTA
Jac
I was keeping up with this ticker until after over a month went by with it at no bid.
In the end I had 1 million free shares (obviously before the RS). After the RS I didn't have much interest in keeping up with this ticker, therefore I stopped tracking it daily. So yes, you're correct. I was looking at the wrong ticker and I apologize if I confused some with my earlier post.
I truly feel bad for those that lost out on this ticker, but I sincerely wish everyone the best of luck on other plays the remainder of this year.
Jac
Just checking back in...
Not that it really matters at this point, just curious, but was this ticker suspended? Or...? Earlier I thought I saw the ticker gray on thinkorswim and without any MM's on the bid or ask.
Jac
That was an ugly ride for sure (sheesh!)
I was watching L2 this morning and saw the bid support at .10 disappear before my eyes. I suspected if support broke .10 there would be a bunch of sells. Then it broke and I suddenly remembered I had a stop loss order at .0951. I got my order canceled just seconds before it hit that price.
Unfortunately stop loss orders can trigger a massive sell off in a heartbeat. I've seen it happen many times with other penny tickers. I think many here had stop loss orders in the .09's, and then the panics sellers began which only exacerbated the situation.
Gonna wait and see what L2 looks like after lunch and maybe I'll average down.
Jac
TD Think or Swim still shows no bid, anyone else show bid??
Jac
This stock is giving me indigestion....
The anti-dilutive comment was mentioned in a press release earlier this year. But now that I think of it, that may have been for the Preferred "C" stock they offered, not "B". I'm trying to find some clarification on this.
Jac
The way I interpret this they are giving ALL share holders to trade in their existing shares for non dilutive "B" stock at an exchange rate of $2.50 for every dollar you invested, it is not based on how many shares you have.
Lets say I invested $2000. 2k divided by $2.50 is 800. So you would wind up with 800 B shares
If that isn't correct then someone please correct me.
Jac
Ahh, now that's a good possibility.
Jac
So there was little to no dilution yesterday? Who the hell unloaded 1B shares then? I thought for sure the company was dumping.
Well I don't know what this means, but I guess I'll stick around a bit longer.
Jac
I have to concur...
The AS has increased more than once, didn't think it was 3 times this year, but nonetheless, it has increased and I never saw a vote take place before it increased.
Jac
NO BID!
More dilution? Or some just said "screw it, I'm outta here"?
11 mil dump @ .0002
Jac
L2 shows a sell 8 minutes before the end of the trading day. Not that large, though, 240,000 trade.
Jac
I don't know, but along with the big sells there were some very puny buys. Two separate buys were for 200 shares @ .0012. Twenty four cent transactions, wow! LOL. Probably the MM's having a little fun.
Jac
Lotta dumping goin on, EOD
I don't believe anything.
From the 3rd paragraph...
Can't call them liars yet as they still have 2 1/2 trading days remaining.
All they need is 2 PR's and that qualifies as "multiple", so come on TLNUF, lets go and no fluff news!
Jac
I'm with both of you.
I had made up my mind in early April that if nothing happened by EOM I would bail, but after some soul searching this weekend I've decided to hold out for the financials, even if that means waiting until mid/late May.
GLTA
Jac
Thanks for the quick replies everyone. I do have TDA but I will be looking at what has been suggested.
Good luck to everyone.
Jac
I want to grab a position, but my broker won't let me place an order for TCHH due to a chill. I've run into this before with other penny tickers and discovered that while my broker states a chill is in effect other broker's are trading it just fine. I'm curious what brokers others are using?
TIA
Jac
Oops! You're are correct. I looked at the last part of the figure and that was the same. I need to have my eyes checked, I guess.
Jac
Wow really? A one hundred share sell? Which one of you was it? LOL!
Jac
If I had more powder I would hit the ask, but I invested heavily in another sector last week and I got nothing left :(
Jac
I was going to check the OS today, thanks Jcg for doing so.
This is a positive sign. Yesterday's dumping was likely frustrated retailers.
Jac
I have too many shares to just give up at this point. I'm riding more than 30 mil. Besides, I wouldn't mind taking a loss here. I made out like a bandit in MJ sector earlier this year, so a loss somewhere will help taxes... maybe ;)
Jac
Didn't run far enough... you're still here LOL!
I see there is some activity early this morning. Were those buys or sells? I'm not on L2 right now.
Jac
Market is closed Friday ;)
Jac
Yeah it sucks the OS keeps creeping up every week. I'm hoping the company gets their butts in gear and gives us something very soon. After today, there are only 9 trading days left in April.
By the way, did you notice the grammatical errors in the reply I got?? LOL!
I just noticed that too.
Hmmmm.....
Jac
Already have.
I sent Jessica an email with the reply jcg0176 got from her and the one I got yesterday.
Jcg's response from her does not state outstanding shares anywhere. Just authorized and available.
I requested clarification on the authorized shares and outstanding shares.
Will post reply when I get it...
Jac
My screenshot was also from the TA.
I think another member, better yet, a few members should contact the TA tomorrow and see what numbers they get back.
I'm requesting another total tomorrow morning
Jac
I learned one important thing during my first month in the pennies. Confirm EVERYTHING yourself before making a decision.
Jac
I'm confused. I requested the current OS this morning, and it was not 8 billion, it wasn't even 6.
What the hell is going on?
I'll see if I can post a copy of the email Jessica Lin sent me.
Jac
There won't be a PR. This is an old acquisition. Look at the copyright date at the bottom of the page - 2011. My guess is the 2112 is a typo and it was meant to be 2012.
Telecorp Announces Acquisition of ByteXit
Jac