TMCnet - World's Largest Communications and Technology Community



Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against PowerSecure International, Inc.
[May 27, 2014]

Rigrodsky & Long, P.A. Announces A Securities Fraud Class Action Lawsuit Has Been Filed Against PowerSecure International, Inc.

WILMINGTON, Del. --(Business Wire)--

Rigrodsky & Long, P.A.:

  • Do you, or did you, own shares of PowerSecure International, Inc. (NYSE: POWR)?
  • Did you purchase your shares before March 10, 2014, or between March 10, 2014 and May 7, 2014, inclusive?
  • Did you lose money in your investment in PowerSecure International, Inc.?
  • Do you want to discuss your rights?

Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Eastern District of California on behalf of all persons or entities that purchased the common stock of PowerSecure International, Inc. ("PowerSecure" or the "Company") (NYSE: POWR) between March 10, 2014 and May 7, 2014, 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 PowerSecure during the Class Period, or purchased shares prior to the Class Period and still hold PowerSecure, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to; or at:

PowerSecure is a leading provider of products and services to electric utilities, and their large commercial, institutional and industrial customers. 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, the Complaint alleges that the defendants concealed from the investing public: (1) that the Company was attempting to shift resources within its Utility Infrastructure business from certain lower-profit assignments to higher-profit assignments; (2) that this shifting of resources was negatively impacting the Company's operations and utility services performance; (3) that the Company was experiencing productivity losses and higher costs within its utility services group, which were negatively impacting the Company's gross margins; and (4) that, as a result of the foregoing, Defendants' positive statements about the Company's business, operations, and prospects, including statements about the Company's gross margins lacked a reasonable basis. 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 May 7, 2014, PowerSecure reported its financial results for its 2014 fiscal first quarter. While analysts estimated that the Company's earnings would be $0.02 per share, PowerSecure shocked the market by announcing an adjusted loss of ($0.17) per share. Additionally, the Company disclosed that its gross profit margin had decreased to 20.9% for the quarter 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.

On this news, shares in PowerSecure plummeted more than 66% over the following trading days, closing at $6.83 per share on May 9, 2014, on unusually heavy trading volume.

If you wish to serve as lead plaintiff, you must move the Court no later than July 22, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. 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.

While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.

Attorney advertising. Prior results do not guarantee a similar outcome.

[ Back To's Homepage ]

Technology Marketing Corporation

35 Nutmeg Drive Suite 340, Trumbull, Connecticut 06611 USA
Ph: 800-243-6002, 203-852-6800
Fx: 203-866-3326

General comments:
Comments about this site:


© 2018 Technology Marketing Corporation. All rights reserved | Privacy Policy