|[June 24, 2014]
INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against PowerSecure International, Inc.
LOS ANGELES --(Business Wire)--
Binkow & Goldberg LLP reminds investors of PowerSecure
International, Inc. ("PowerSecure" or the "Company") (NYSE:POWR)
that all purchasers of PowerSecure securities between March 10, 2014 and
May 7, 2014, inclusive (the "Class Period"), have until July 22, 2014,
to file a motion to be appointed as lead plaintiff in the shareholder
PowerSecure provides interactive distributed generation power systems,
smart grid monitoring, peak shaving and demand response, and standby
power dispatch and control solutions to electric utilities and their
commercial, institutional and industrial customers in the United States.
The Complaint alleges that throughout the Class Period defendants issued
false and/or misleading statements and/or failed to disclose that:
The Company was attempting to shift resources within it Utility
Infrastructure business from certain lower-profit assignments to
Shifting of resources was negatively impacting the Company's
operations and utility services performance.
The Company was experiencing productivity losses and higher costs
within its utility services group, which were negatively impacting the
Company's gross margins.
On May 7, 2014, PowerSecure reported its financial results for its 2014
fiscal first quarter, including an adjusted loss of ($0.17) per share.
In addition, PowerSecure disclosed that its gross profit margin had
decreased to 20.9% for the quarter, down from 30.6% for the same quarter
in 2013. According to the Company, the decrease in its margins and
earnings was attributable to substantial shortfalls in its utility
infrastructure revenue and to the Company's failure to properly allocate
resources to sustain its margins.
As a result of this news, the price of PowerSecure shares declined $1.90
per share, or more than 10%, to close on May 7, 2014, at $18.60 per
share, and further declined an additional $11.60 per share, or more than
62%, to close on May 8, 2014, at $7.00 per share, on unusually heavy
If you are a member of the Class described above, you may move the Court
no later than July 22, 2014, to serve as lead plaintiff; however, you
must meet certain legal requirements. To be a member of the Class, you
need not take any action at this time; you may retain counsel of your
choice or take no action and remain an absent member of the Class. If
you wish to learn more about this action or have any questions
concerning this announcement or your rights or interests with respect to
these matters, please contact Lesley Portnoy, Esquire, at (646)
539-8980, or Gregory
Linkh, Esquire, of Glancy Binkow & Goldberg LLP, 122 E. 42nd Street,
Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org,
or visit our website at http://www.glancylaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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