ALERT: Rosen Law Firm Reminds Appliance Recycling Centers of America, Inc. Investors of Important Deadline in Class Action Fi...
March 20 2015 - 12:47PM
Business Wire
Rosen Law Firm, a global investor rights law firm, reminds
purchasers of Appliance Recycling Centers of America, Inc.
(NASDAQ:ARCI) common stock between March 15, 2012 through February
11, 2015 of the important May 5, 2015 lead plaintiff deadline in
the class action filed by the firm. The lawsuit seeks to recover
damages for ARCA investors under the federal securities laws.
To join the ARCA class action, go to the website at
http://www.rosenlegal.com/cases-510.html or call Phillip Kim, Esq.
or Kevin Chan, Esq. toll-free at 866-767-3653 or email
pkim@rosenlegal.com or kchan@rosenlegal.com for information on the
class action. The suit is pending in U.S. District Court for the
Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A
CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU
RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO
NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, 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.
A class action lawsuit has already been filed. If you wish to
serve as lead plaintiff, you must move the Court no later than May
5, 2015. If you wish to join the litigation go
http://www.rosenlegal.com/cases-510.html or to discuss your rights
or interests regarding this class action, please contact, Phillip
Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm toll free at
866-767-3653 or via e-mail at pkim@rosenlegal.com or
kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and
shareholder derivative litigation.
Laurence Rosen, Esq.Phillip Kim, Esq.Kevin Chan, Esq.The Rosen
Law Firm, P.A.275 Madison Avenue, 34th FloorNew York, NY 10016Tel:
(212) 686-1060Toll Free: (866) 767-3653Fax: (212)
202-3827lrosen@rosenlegal.compkim@rosenlegal.comkchan@rosenlegal.comwww.rosenlegal.com
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