On or around 06/26/2018 (Date of order of distribution of settlement)
Filing Date: March 17, 2015
According to the law firm press release, the lawsuit alleges Resonant issued materially false and misleading statements to investors and/or failed to disclose that: (1) there were errors in Resonant’s financial statements for the three and six months ended June 30, 2014 and 2013; (2) Resonant’s disclosure controls and procedures were not effective as of June 30, 2014; and (3) Resonant would be unable to meet Milestone 4 pursuant to its development agreement in the first quarter of 2015. When the truth was revealed to investors, the price of Resonant shares fell, damaging investors.
On June 9, 2015, the Court issued an Order consolidating cases. On August 7, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on September 24. Defendants filed a Motion to Dismiss the amended Complaint on November 30.
On February 8, 2016, the Court issued an Order granting Defendants' motions to dismiss. Plaintiffs were given leave to file an amended complaint, which they did on February 23.
The parties filed a Stipulation of Settlement on June 14, 2017. The Court issued an Order preliminarily approving the Settlement on July 13. The Court issued Final Judgment and Order of Dismissal with Prejudice on November 22. On June 26, 2018, the Court issued an Order authorizing distribution of net Settlement funds.
Company & Securities Information
Defendant: Resonant, Inc.
Headquarters: United States
Ticker Symbol: RESN
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.
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Reference Complaint (REF) Filings:
Consolidated Amended Class Action Complaint for Violations of the Federal Securities Laws
Proceedings (in chambers): Order Granting Defendants' Terry Lingren, John Philpott, Resonant Inc., and MDB Capital Group's Motions to Dismiss Plaintiffs William E. Haskins, Brent Kaneshiro, and Onie Bolduc's Complaint
Consolidated Second Amended Class Action Complaint for Violations of the Federal Securities Laws
Amended Stipulation of Settlement
Order Granting Preliminary Approval of Settlement and Directing Dissemination of Notice to Class
Final Judgment and Order of Dismissal with Prejudice
U.S. District Court Civil Docket
Order Authorizing Distribution of Net Settlement Fund
Related District Court Filings
—Related District Court Filings Data is not available