Robbins Geller Rudman & Dowd LLP Files Class Action Suit on Behalf of Investors in TCP International Holdings Ltd.
March 02 2015 - 10:00PM
Business Wire
Robbins Geller Rudman & Dowd LLP (“Robbins Geller”)
(http://www.rgrdlaw.com/cases/tcpintl/) today announced that a
class action has been commenced in the United States District Court
for the Northern District of Ohio on behalf of purchasers of TCP
International Holdings Ltd. (“TCP”) (NYSE:TCPI) stock in and/or
traceable to the initial public offering (“IPO”) on or about June
26, 2014.
If you wish to serve as lead plaintiff, you must move the Court
no later than 60 days from today. If you wish to discuss this
action or have any questions concerning this notice or your rights
or interests, please contact plaintiff’s counsel, Darren Robbins of
Robbins Geller at 800-449-4900 or 619-231-1058, or via e-mail at
djr@rgrdlaw.com. If you are a member of this class, you can view a
copy of the complaint as filed or join this class action online at
http://www.rgrdlaw.com/cases/tcpintl/. Any member of the putative
class may move the Court to serve as lead plaintiff through counsel
of their choice, or may choose to do nothing and remain an absent
class member.
The complaint charges certain of TCP’s officers and directors,
TCP and the underwriters of the IPO with violations of the
Securities Act of 1933. TCP designs, develops, manufactures and
delivers energy efficient lamps, fixtures and internet-based
lighting control solutions.
The complaint alleges that on or about June 26, 2014, 7,142,858
shares of TCP stock were sold to the public at $11 per share in a
registered IPO. The Company granted the underwriters a 30-day
option to purchase up to an additional 1,071,428 common shares at
the IPO price less underwriting discounts and commissions.
The complaint further alleges that the Registration Statement
issued in connection with the IPO included information that was
false. Specifically, the Registration Statement negligently
contained statements that falsely described the Company’s
operations and business, including false statements concerning the
Company’s important Underwriters Laboratory (“UL”) and Energy Star
approvals, compliance, and qualifications. In addition, the
Registration Statement failed to disclose certain material events
known to defendants that caused the information reported in the
Registration Statement and other public statements not to be
indicative of TCP’s actual operations.
The IPO was successful for the Company. However, as TCP’s
post-IPO results began to show the adverse trends that had been
concealed in the offering documents, TCP’s stock price
declined.
On February 27, 2015, TCP shares closed at $3.02 per share, or
approximately 75% less than the IPO price.
Plaintiff seeks to recover damages on behalf of all purchasers
of TCP stock in and/or traceable to the June 26, 2014 IPO (the
“Class”). The plaintiff is represented by Robbins Geller, which has
expertise in prosecuting investor class actions and extensive
experience in actions involving financial fraud.
Robbins Geller, with 200 lawyers in ten offices, represents U.S.
and international institutional investors in contingency-based
securities and corporate litigation. The firm has obtained many of
the largest securities class action recoveries in history,
including the largest securities class action judgment. Please
visit http://www.rgrdlaw.com for more information.
Robbins Geller Rudman & Dowd LLPDarren Robbins,800-449-4900
or 619-231-1058djr@rgrdlaw.com