SHAREHOLDER ALERT: Brower Piven Encourages Investors Who Have Losses In Excess Of $100,000 From Investment In Appliance Recyc...
March 17 2015 - 5:40PM
Business Wire
The securities litigation law firm of Brower Piven, A
Professional Corporation, announces that a class action lawsuit has
been commenced in the United States District Court for the Central
District of California on behalf of purchasers of Appliance
Recycling Centers of America, Inc. (“ARC” or the “Company”)
(Nasdaq: ARCI) common stock during the period between March 15,
2012 and February 11, 2015, inclusive (the “Class Period”).
Investors who wish to become proactively involved in the litigation
have until May 5, 2015 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in ARC common stock
purchased on or after February 11, 2015 and held through the
revelation of negative information during and/or at the end of the
Class Period, as described below, and would like to learn more
about this lawsuit and your ability to participate as a lead
plaintiff, without cost or obligation to you, please visit our
website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven
either by email at hoffman@browerpiven.com or by telephone at (410)
415-6616. No class has yet been certified in the above action.
Members of the Class will be represented by the lead plaintiff and
counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class,
you must apply to be appointed lead plaintiff and be selected by
the Court. The lead plaintiff will direct the litigation and
participate in important decisions including whether to accept a
settlement for the Class in the action. The lead plaintiff will be
selected from among applicants claiming the largest loss from
investment in Company common stock during the Class Period. Brower
Piven also encourages anyone with information regarding the
Company’s conduct during the period in question to contact the
firm, including whistleblowers, former employees, shareholders and
others.
The complaint accuses the defendants of violations of the
Securities Exchange Act of 1934 by virtue of the defendants’
failure to disclose during the Class Period that ARC’s financial
statements contained errors concerning sales tax related to its
appliance replacement programs, and the Company lacked adequate
internal controls over its financial reporting.
According to the complaint, following the Company’s August 6,
2014 announcement that the California Board of Equalization (“BOE”)
was conducting an examination of sales and use taxes covering ARC’s
appliance replacement programs and the Company’s February 11, 2015
announcement that it expects an assessment of at least $4 million
from the BOE that will require it 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, the value of ARC’s shares declined significantly.
Attorneys at Brower Piven have extensive experience in
litigating securities and other class action cases and have been
advocating for the rights of shareholders since the 1980s. If you
choose to retain counsel, you may retain Brower Piven without
financial obligation or cost to you, or you may retain other
counsel of your choice. You need take no action at this time to be
a member of the class.
Brower Piven, A Professional CorporationCharles J. Piven,
410-415-66161925 Old Valley RoadStevenson, Maryland
21153hoffman@browerpiven.com
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