NEW YORK, Sept. 21, 2016 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, reminds
investors in Power Solutions International, Inc. ("Power Solutions"
or the "Company") (NASDAQ:PSIX) of the October 21, 2016 deadline to seek the role of
lead plaintiff in a federal securities class action lawsuit filed
against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the
Northern District of Illinois on
behalf of all those who purchased Power Solutions securities
between May 8, 2015 and August 15, 2016 (the "Class Period"). The
case, Gupta v. Power Solutions International, Inc. et al,
No. 1:16-cv-08253 was filed on August 22,
2016, and has been assigned to Judge Virginia M. Kendall.
The lawsuit focuses on whether the Company and its executives
violated federal securities laws by failing to disclose that the
Company inappropriately recognized revenue for certain transactions
and lacked adequate internal controls over financial reporting.
Specifically, after market hours on August 15, 2016, the Company issued a press
release and filed a Current Report on Form 8-K with the SEC,
announcing that the Company needed additional time to file its
quarterly report for the quarter ended June
30, 2016 with the SEC. The Company stated that the delay in
filing was due "an ongoing review of allegations made by a former
employee" concerning "certain transactions involving revenue
recognition."
After the announcement, Power Solutions' share price fell from
$15.43 per share on August 15, 2016 to a closing price of
$13.91 on August 16, 2016—a $1.52 or a 9.85% drop.
Request more information now by clicking here:
www.faruqilaw.com/PSIX. There is no cost or
obligation to you.
Take Action
If you invested in Power Solutions securities between
May 8, 2015 and August 15, 2016 and would like to discuss your
legal rights, visit www.faruqilaw.com/PSIX. 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. Faruqi & Faruqi,
LLP also encourages anyone with information regarding Power
Solutions' conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the
largest financial interest in the relief sought by the class that
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 of whether or not to serve
as a lead plaintiff.
Attorney Advertising. The law firm responsible for this
advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com).
Prior results do not guarantee or predict a similar outcome
with respect to any future matter. We welcome the opportunity
to discuss your particular case. All communications will be treated
in a confidential manner.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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