NEW YORK, March 9, 2015 /PRNewswire/ -- Faruqi &
Faruqi, LLP, a leading national securities law firm, is
investigating potential securities fraud at Appliance Recycling
Centers of America, Inc. ("ARCA" or the "Company") (NasdaqCM:
ARCI).
A complaint has been filed in the United States District Court
for the Central District of California on behalf of all persons who
purchased or otherwise acquired ARCA publicly traded common stock
between March 15, 2012 and
February 11, 2015 (the "Class
Period").
On August 6, 2014, ARCA announced
that the California Board of
Equalization ("BOE") would be conducting an examination of sales
and use taxes covering ARCA's appliance replacement sales.
Then, on February 11, 2015, the
company announced an expected assessment of no less than
$4 million from the BOE and that it
would have to restate previously issued financial statements from
2011, 2012, and 2013, the quarters from those years, and for the
first three quarters in 2014.
Upon the release of this news, ARCA shares fell to close at
$2.54 per share on February 12, 2015.
Request more information now by clicking here:
www.faruqilaw.com/ARCI. There is no cost or obligation to
you.
Take Action
If you invested in ARCA stock or options between March 15, 2012 and February 11, 2015 and would like to discuss your
legal rights, visit www.faruqilaw.com/ARCI. You can also
contact us by calling Richard
Gonnello toll free at 877-247-4292 or at 212-983-9330 or by
sending an e-mail to rgonnello@faruqilaw.com. Faruqi &
Faruqi, LLP also encourages anyone with information regarding
ARCA's conduct to contact the firm, including whistleblowers,
former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents
investors and individuals in class action litigation. The
firm is focused on providing exemplary legal services in complex
litigation in the areas of securities, shareholder, antitrust and
consumer litigation, throughout all phases of litigation. The
firm has an experienced trial team which has achieved significant
victories on behalf of the firm's clients. To keep track of the
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(www.faruqilaw.com). Prior results do not guarantee or
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We welcome the opportunity to discuss your particular case.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Richard Gonnello,
Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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