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
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SOURCE Rigrodsky & Long, P.A.