Case Page

 

Case Status:    ONGOING    
On or around 08/25/2016 (Ongoing date of last review)

Filing Date: August 22, 2016

According to the law firm press release, PSI designs, manufactures, distributes, and supports power systems and custom engineered integrated electrical power generation systems for industrial original equipment manufacturers of off-highway industrial equipment and on-road medium trucks and buses. The Company sells its products and services primarily in North America, as well as in the Pacific Rim and Europe.

The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company inappropriately recognized revenue for certain transactions; (ii) the Company lacked adequate internal controls over financial reporting; and (iii) as a result of the foregoing, PSI’s public statements were materially false and misleading at all relevant times.

On August 15, 2016, after the market closed, the Company issued a press release and filed a Current Report on Form 8-K with the Securities and Exchange Commission (“SEC”), announcing that the Company needed additional time to file its quarterly report for the quarter ended June 30, 2016 with the SEC.

On this news, PSI’s share price fell $1.52 per share, or 9.85%, to close at $13.91 on August 16, 2016.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PSIX
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: N.D. Illinois
DOCKET #: 16-CV-08253
JUDGE: Hon. Virginia M. Kendall
DATE FILED: 08/22/2016
CLASS PERIOD START: 05/08/2015
CLASS PERIOD END: 08/15/2016
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Goldberg Law PC
    13650 Marina Pointe Dr. Suite 1404 , Goldberg Law PC , CA 90292
    1-800-977-7401 ·
  2. 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