Resideo Technologies, Inc.
Attention investors who purchased shares of Resideo Technologies, Inc. between October 29, 2018 and October 22, 2019:
Rigrodsky & Long is investigating claims brought in a securities fraud class action complaint against Resideo Technologies, Inc. ("Resideo") concerning whether Resideo and certain of the Company's directors and/or officers made materially false and misleading statements and failed to disclose materially adverse facts during the period October 29, 2018 and October 22, 2019, inclusive (the "Class Period"), concerning Resideo's business, operations and prospects. These misrepresentations and omissions artificially inflated the price of Resideo's stock throughout the Class Period.
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the District of Minnesota on behalf of all persons or entities that purchased the common stock of Resideo Technologies, Inc. (“Resideo” or the “Company”) (NYSE: REZI) between October 29, 2018 and October 22, 2019, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Resideo during the Class Period, or purchased shares prior to the Class Period and still hold Resideo, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Seth D. Rigrodsky or Timothy J. MacFall at Rigrodsky & Long, P.A., 300 Delaware Avenue, Suite 1220, Wilmington, DE 19801, by telephone at (888) 969-4242, by e-mail at email@example.com, or at http://rigrodskylong.com/contact-us/.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, defendants failed to disclose that the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company’s product sales, supply chain, and gross margins, putting Resideo’s fiscal 2019 financial forecasts at risk, and that, as a consequence, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on October 22, 2019, Resideo issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for fiscal 2019 by $80 million. Also on October 22, 2019, the Company announced that the Company’s CFO would be leaving as of November 6, 2019.
On this news, shares of Resideo fell over 37%, closing at $9.50 per share on October 23, 2019, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than January 7, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed 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.
Rigrodsky & Long, P.A., with offices in Delaware, New York, and California, has recovered hundreds of millions of dollars on behalf of investors and achieved substantial corporate governance reforms in numerous cases nationwide, including federal securities fraud actions, shareholder class actions, and shareholder derivative actions.
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