Case Page

 

Case Status:    DISMISSED    
On or around 10/21/2016 (Date of order of final judgment)

Filing Date: March 06, 2015

According to the law firm press release, the lawsuit alleges ARCA issued materially false and misleading statements to investors and/or failed to disclose that: (1) ARCA’s financial statements contained errors concerning sales tax related to its appliance replacement programs; and (2) the Company lacked adequate internal controls. On August 6, 2014, the Company announced that the California Board of Equalization ("BOE") is conducting an examination of sales and use taxes covering ARCA's appliance replacement sales. On this news, the Company’s shares 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, the Company announced that it expects an assessment of at least $4.0 million from the BOE and will need to restate its previously issued financial statement for the years ended December 28, 2013, December 29, 2012 and December 31, 2011, for the quarters in those years, and for the quarters ended March 29, June 28 and September 27, 2014. On this news, the Company’s shares fell $0.43 per share or over 14% to close at $2.54 per share on February 12, 2015, further damaging investors.

On July 27, 2015, the lead plaintiffs filed an amended complaint.

On November 24, 2015, the Court issued an Order granting the motion to dismiss. Plaintiffs were given leave to amend their complaint. Plaintiffs filed the amended complaint on December 15.

On August 25, 2016, the Court issued an Order granting Defendants' motion to dismiss. Plaintiffs were given leave to amend their complaint. Plaintiffs declined to amend, thus the Court ordered this case dismissed on October 12, 2016.

COMPANY INFORMATION:

Sector: Services
Industry: Retail (Technology)
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: ARCI
Company Market: NASDAQ
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: C.D. California
DOCKET #: 15-CV-01654
JUDGE: Hon. John A. Kronstadt
DATE FILED: 03/06/2015
CLASS PERIOD START: 03/15/2012
CLASS PERIOD END: 02/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date
COURT: C.D. California
DOCKET #: 15-CV-01654
JUDGE: Hon. John A. Kronstadt
DATE FILED: 12/15/2015
CLASS PERIOD START: 03/15/2012
CLASS PERIOD END: 02/11/2015
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. The Rosen Law Firm, P.A. (New Los Angeles)
    355 South Grand Ave, Suite 2450, The Rosen Law Firm, P.A. (New Los Angeles), CA 90071
    (213) 785-2610 (213) 226-4684 ·
No Document Title Filing Date