According to the law firm press release, TCP together with its subsidiaries, designs, develops, manufactures, and markets lighting products and accessories to commercial, industrial, and retail markets worldwide. It offers various light emitting diode lamps, compact fluorescent lamps, halogen lamps, linear fluorescent lighting, and lighting fixtures; and various compact, and linear fluorescent component parts and accessories, as well as Internet-based lighting solutions.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company and Defendant, driven by the desire to increase production, lower costs and improve margins, were bypassing the UL and ENERGY STAR certification processes by placing noncompliant products into the marketplace; (2) Defendant had been consistently overriding and/or disregarding Company policies on matters such as capital expenditure, customer credit and operating expenditure approvals; new product development process; product design and safety certification; the Company's business conduct manual; and code of ethics for principal executive and senior financial officers; and (3) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On February 26, 2015, TCPI announced that claims were filed in Cuyahoga County, Ohio against the Company and its CEO, by its General Counsel and Chief Compliance Officer, alleging misconduct by the CEO and related matters (the "Ohio General Counsel Action").
On this news, shares of TCPI declined $3.67 (or over 57%), to close at $2.74, on heavy trading volume on February 27, 2015.
This case was transferred to the Northern District of Ohio on May 11, 2015.
On February 25, 2016, the Court issued an Order dismissing this case with prejudice.