EQUITY ALERT: The Rosen Law Firm Announces Investigation of Securities Claims Against Appliance Recycling Centers of America,...
13 February 2015 - 10:17AM
Business Wire
The Rosen Law Firm announces it is investigating potential
securities claims on behalf of shareholders of Appliance Recycling
Centers of America, Inc. (NASDAQ:ARCI) resulting from allegations
that Appliance Recycling may have issued materially misleading
business information to the investing public.
On August 6, 2014, Appliance Recycling revealed that the
California Board of Equalization (“BOE”) is conducting a sales and
use tax examination of the Company’s California operations for
2011, 2012, and 2013. On this news, shares of Appliance Recycling
fell $1.11 per share or over 27% to close at $2.99 per share on
August 7, 2014, damaging investors.
On February 11, 2015, Appliance Recycling disclosed that it had
received approval to participate in BOE’s Managed Audit Program and
believes it would likely result in a BOE assessment of at least
$4.0 million. Consequently, Appliance Recycling expects that its
previously issued unaudited consolidated financial statements for
the fiscal quarters ended March 29, June 28 and September 27, 2014
and consolidated financial statements for the years ended December
28, 2013, December 29, 2012 and December 31, 2011 and the quarters
in the years then ended will need to be restated. On this news,
shares of Appliance Recycling fell during intraday trading on
February 12, 2015, further damaging investors.
The Rosen Law Firm is preparing a class action lawsuit to
recover losses suffered by Appliance Recycling investors. If you
purchased Appliance Recycling before February 12, 2015, please
visit the website at http://rosenlegal.com/cases-510.html for more
information. You may also contact Phillip Kim, Esq. or Kevin Chan,
Esq. of The Rosen Law Firm toll free at 866-767-3653 or via email
at pkim@rosenlegal.com or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Attorney Advertising. Prior results do not guarantee a similar
outcome.
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Laurence Rosen, Esq.Phillip Kim, Esq.Kevin Chan, Esq.The Rosen
Law Firm, P.A.275 Madison Avenue, 34th FloorNew York, NY 10016Tel:
(212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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