On or around 02/22/2019 (Court's order of dismissal)
Filing Date: July 28, 2016
According to the law firm press release, the lawsuit alleges defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) RiT CIS Ltd. was RiT Technologies’ major distributor in Russia and the Commonwealth of Independent States region; (2) RiT CIS was vital to the viability of RiT Technologies; and (3) as a result, RiT Technologies’ public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On February 14, 2017, Lead Plaintiffs and Counsel were appointed. Lead Plaintiffs filed an amended Complaint on April 16, 2018. Defendants filed a Motion to Dismiss the amended Complaint on June 15. On February 22, the Court issued an Order granting Defendants' Motion to Dismiss. Lead Plaintiffs were given leave to amend the Complaint.
Company & Securities Information
Defendant: RiT Technologies Ltd.
Industry: Communications Equipment
Ticker Symbol: RITT
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.
First Identified Complaint
Stephen Padgett, et al. v. RiT Technologies Ltd., et al.