Shareholder Alert: Robbins LLP Announces Resideo Technologies, Inc. (REZI) Sued Again for Misleading Shareholders
November 14 2019 - 07:06PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of Resideo Technologies, Inc. (NYSE: REZI) filed a class
action complaint for alleged violations of the Securities Exchange
Act of 1934 between October 10, 2018 and October 22, 2019. Resideo
Technologies manufactures home automation products, including smart
thermostats and security cameras. The Company was formed through a
spin-off from parent Honeywell International, Inc.
If you suffered a loss as a result of Resideo's misconduct,
click here.
Resideo Technologies, Inc. (REZI) Accused of Misleading
Shareholders
According to the complaint, leading up to its spin-off, Resideo
touted its "bright future" and strong competitive position, stating
that "[its] competitors are the ones that are concerned."
Additionally, Honeywell touted that following the spin-off Resideo
would be the market leader in home heating, air conditioning
controls, and security markets. In reality, despite the Companies'
positive representations, Resideo continued to compete with
Honeywell in the sale of its products, losing much of its business
to its former parent. Resideo also failed to disclose to investors
that its Residential Thermal Solutions ("RTS") business was facing
supply chain issues that were causing industry-wide declines. Then,
on October 22, 2019, Resideo released preliminary financial results
for the third quarter, surprising investors by announcing earnings
that significantly missed estimates and the replacement of its CFO.
On this news, the price of Resideo stock fell $5.73 per share, a
decline of over 37%. The stock has yet to recover.
Resideo Technologies, Inc. (REZI) Shareholders Have Legal
Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191114005935/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
lkandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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