Case Page

 

Case Status:    DISMISSED    
On or around 04/04/2016 (Other)

Filing Date: March 05, 2015

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.

COMPANY INFORMATION:

Sector: Technology
Industry: Electronic Instruments & Controls
Headquarters: Switzerland

SECURITIES INFORMATION:

Ticker Symbol: TCPI
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: N.D. Ohio
DOCKET #: 15-CV-01631
JUDGE: Hon. Woods
DATE FILED: 03/05/2015
CLASS PERIOD START: 06/26/2014
CLASS PERIOD END: 02/26/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Pomerantz LLP (New York)
    600 Third Avenue, Pomerantz LLP (New York), NY 10016
    212.661.1100 212.661.8665 · info@pomerantzlaw.com/
No Document Title Filing Date
COURT: N.D. Ohio
DOCKET #: 15-CV-00917
JUDGE: Hon. Woods
DATE FILED: 05/11/2015
CLASS PERIOD START: 06/26/2014
CLASS PERIOD END: 02/26/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
No Document Title Filing Date