Entwistle & Cappucci LLP Appointed Co-Lead Counsel In Resideo Technologies, Inc. Securities Litigation
14 February 2020 - 9:57AM
Business Wire
Entwistle & Cappucci LLP (“Entwistle & Cappucci”)
announced that the firm was appointed co-lead counsel in a
consolidated class action against Resideo Technologies, Inc.
(“Resideo”) and certain of Resideo’s executive officers
(collectively, the “Defendants”) pending in the United States
District Court for the District of Minnesota. The class action
asserts claims under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 arising from Honeywell International Inc.’s
(“Honeywell”) 2018 spin-off of Resideo.
The appointment of co-lead counsel is the latest development in
this ongoing complex securities litigation. On January 7, 2020, the
firm filed a securities class action complaint on behalf of all
persons or entities that purchased or otherwise acquired common
stock of Resideo during the period October 15, 2018 through October
22, 2019, inclusive (the “Class Period”), and were damaged thereby
(the “Class”). Concerning the appointment, Entwistle & Cappucci
Senior Partner Vincent R. Cappucci stated, “We are very pleased to
lead this important litigation to address shareholder claims.”
The complaint alleges that Resideo failed to disclose to the
investing public that one of the two business segments that would
comprise Resideo had been combined piecemeal by Honeywell from
unrelated businesses and, consequently, contained severe product,
supply chain and governance problems. The complaint further alleges
that because of these problems, almost nothing the Defendants said
about the outlook for that section of the business was accurate
and, in fact, the Defendants had no reasonable basis for the
financial guidance they issued before and during the Class Period.
As a direct result of the Defendants’ alleged securities fraud
violations, Class members that purchased or otherwise acquired
common stock of Resideo during the Class Period did so at prices
that did not reflect the material nonpublic information known to
Defendants. Lead Plaintiffs seek an award of damages and
prejudgment interest on behalf of the Class.
The team at Entwistle & Cappucci prosecuting the litigation
includes partners Andrew J. Entwistle, Vincent R. Cappucci, Joshua
K. Porter and Brendan J. Brodeur and associates Sean M. Riegert and
Jessica A. Margulis.
The case is In re Resideo Technologies, Inc. Securities
Litigation, Case No. 19-cv-02863, U.S. District Court, District of
Minnesota.
About Entwistle & Cappucci
Entwistle & Cappucci is a national law firm providing
exceptional legal representation to clients globally in the most
complex and challenging legal matters. Our practice encompasses all
areas of litigation, including securities, antitrust, corporate
transactions, general corporate and commercial, creditor’s rights
and bankruptcy, corporate governance and fiduciary duty, government
affairs, insurance, investigations and white collar defense. Our
clients include public and private corporations, major hedge funds,
public pension funds, governmental entities, leading institutional
investors, domestic and foreign financial services companies,
emerging business enterprises and individual entrepreneurs.
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Entwistle & Cappucci LLP Vincent R. Cappucci, Esq.
(vcappucci@entwistle-law.com) 299 Park Avenue, 20th Floor New York,
New York 10171 Telephone: (212) 894-7200 Facsimile: (212) 894-7272
www.entwistle-law.com
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