APPLIANCE RECYCLING ALERT: National Securities Law Firm Announces Class Action Lawsuit in Connection With Potential Accountin...
March 07 2015 - 07:59AM
Tripp Levy PLLC, a leading national securities law firm, announces
that a federal securities class action lawsuit was filed against
Appliance Recycling Centers of America, Inc. ("ARC" or the
"Company") (Nasdaq:ARCI) and certain of its officers. The lawsuit
was filed in the United States District Court for the Central
District of California, Case Number 2:15-cv-01654, on behalf of all
persons or entities that purchased the common stock of ARC between
March 15, 2012 and February 11, 2015 (the "Class Period").
The complaint alleges that defendants made false and misleading
statements in connection with potential accounting irregularities
by the Company. Specifically, the complaint alleges, among other
things, that (i) ARC's financial statements contained errors
concerning sales tax related to its appliance replacement programs;
and (ii) the Company lacked adequate internal controls over its
financial reporting. On August 6, 2014, the Company announced that
the California Board of Equalization ("BOE") was conducting an
examination of sales and use taxes covering ARC's appliance
replacement sales. Thereafter, 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.
Since the announcement of the BOE examination on August 6, 2014,
the Company's stock has fallen from $4.10 to $2.54 per share on
February 12, 2015, a decline of over 61%.
If you purchased shares of ARC during the Class Period and have
suffered a loss from your investment in ARC common stock and would
like to learn more about this lawsuit and your ability to
potentially recover your losses, please contact us either by email
at contact@tripplevy.com or by telephone at (800) 511-7037 or visit
our website at www.tripplevy.com/participate-in-an-action. Please
make sure you identify how many shares you own in ARC. In addition,
if you wish to serve as lead plaintiff, you must move the Court no
later than May 5, 2015. If you are a member of this class you can
join this class action to potentially recover your losses by
contacting us.
Tripp Levy PLLC is a leading national securities and shareholder
rights law firm representing both individual and institutional
shareholders and, along with its affiliate, have recovered billions
of dollars for shareholders. Tripp Levy PLLC is affiliated with
Milberg LLP. The National Law Journal has named Milberg one of the
"50 Elite Trial Lawyer Firms" and one of the "50 Leading Plaintiff
Firms in America."
Attorney advertising. Prior results do not indicate a similar
outcome.
CONTACT: Tripp Levy PLLC
New York, New York
Toll free: 800-511-7037
International: 602-241-2841
Email: contact@tripplevy.com
www.tripplevy.com
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