Capstone Turbine Corp. Shareholder Alert: Former SEC Attorney Willie Briscoe & Powers Taylor Investigate Possible Breaches of...
December 11 2015 - 3:22PM
Business Wire
Former United States Securities and Exchange Commission attorney
Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the
securities litigation firm of Powers Taylor LLP announce that a
federal class action lawsuit has been filed against Capstone
Turbine Corp. (“Capstone”) (NASDAQ: CPST) and several officers and
directors for acts taken during the period of November 7, 2013 to
November 5, 2015 (the “Class Period”).
Shareholders who suffered a loss during the class period have
until January 15, 2016 to seek appointment as lead plaintiff. If
you lost more than $50,000.00 from shares purchased during the
class period and wish to take a more proactive role in the
litigation, you are urged to contact Willie Briscoe at The Briscoe
Law Firm, PLLC via email at shareholders@thebriscoelawfirm.com,
Patrick Powers at Powers Taylor LLP via email at
shareholder@powerstaylor.com, or call toll free at (877) 728-9607.
There is no cost or fee to you.
According to the complaint, the defendants are alleged to have
violated certain provisions of the Securities Exchange Act of 1934.
Specifically, the complaint alleges, among other things, that
defendants issued statements suggesting that (1) BPC Engineering,
one of Capstone’s main Russian distributors, was unlikely to be
able to fulfill many of its legal and financial obligations to
Capstone; (2) Capstone failed to make appropriate adjustments to
its accounts receivable and backlog to account for BPC’s inability
to fulfill its obligations to Capstone; and (3) as such, Capstone
issued financial statements in violation of Generally Accepted
Accounting Principles.
On October 1, 2015, Capstone disclosed that its preliminary
second quarter earnings were “notably below management’s
expectations and analysts’ consensus estimates as continued
headwinds in the oil and gas market and a strong U.S. dollar
delayed orders and shipments in the quarter.” Capstone also
disclosed that it received no significant payments from its Russian
distributor, who until recently was one of its largest customers.
Capstone shares fell more than 25% on this announcement. Then, on
November 5, 2015, Capstone disclosed its second quarter 2015
results, disclosing a net loss of $7.9 million, or $0.02 per share,
for the quarter. Capstone shares fell more than 7% on this
announcement.
The Briscoe Law Firm, PLLC is a full service business
litigation, commercial transaction, and public advocacy firm with
more than 20 years of experience in complex litigation and
transactional matters.
Powers Taylor LLP is a boutique litigation law firm that handles
a variety of complex business litigation matters, including claims
of investor and stockholder fraud, shareholder oppression,
shareholder derivative suits, and security class actions.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151211005848/en/
The Briscoe Law Firm, PLLCWillie Briscoe,
877-728-9607shareholders@thebriscoelawfirm.comorPowers Taylor
LLPPatrick Powers,shareholder@powerstaylor.com
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