Levi & Korsinsky announces the commencement of a class action lawsuit in the USDC for the Northern District of Illinois on behalf of shareholders of Power Solutions International, Inc. (NASDAQ: PSIX) (“Power Solutions”) who purchased shares between May 8, 2015 and August 15, 2016.
The complaint alleges that throughout the Class Period defendants issued false and misleading statements to investors and/or failed to disclose that: (1) Power Solutions improperly listed revenue for certain transactions; (2) Power Solutions did not have sufficient controls over financial reporting; and (3) consequently, Power Solutions’ public statements were materially false and misleading at all relevant times.
On August 15, 2016, Power Solutions announced that it needed additional time to file its Form 10-Q for the quarter ended June 30, 2016 in order to finalize financial statements for the quarter. Specifically, the Company stated that it has not completed its financial statements “in light of an ongoing review of allegations made by a former employee” concerning “certain transactions involving revenue recognition.”
If you suffered a loss in Power Solutions you have until October 21, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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