NEW YORK, July 4, 2014 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in PowerSecure International, Inc. ("PowerSecure" or the "Company") (NYSE: POWR) of the July 22, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against PowerSecure and certain executives.
A complaint has been filed in the Eastern District of North Carolina on behalf of all persons who purchased PowerSecure securities between March 10, 2014 and May 7, 2014, inclusive (the "Class Period").
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that throughout the Class Period defendants issued false and/or misleading statements and/or failed to disclose that: (i) PowerSecure's operations and utility services performance was being negatively affected by the Company's attempt to shift resources within its Utility Infrastructure business from lower-profit assignments to higher-profit assignments; and (ii) PowerSecure's gross margins were being negatively affected by the Company's productivity losses and higher costs within its utility services group.
On May 7, 2014, PowerSecure announced its financial results for the first quarter 2014, which included an adjusted loss of $0.17 per share. Additionally, the Company reported that its gross profit margin had declined to 20.9% for the quarter, as compared with 30.6% for the same quarter in 2013. PowerSecure attributed the decrease in its margins and earnings to substantial shortfalls in the revenue from its Utility Infrastructure business and to the Company's inability to allocate resources in order to sustain its margins.
Following this news, the price of PowerSecure shares declined by $11.60 per share, or over 62%, to close on May 8, 2014 at $7.00 per share.
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Take Action
If you invested in PowerSecure stock or options between March 10, 2014 and May 7, 2014 and would like to discuss your legal rights, visit www.faruqilaw.com/POWR. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding PowerSecure's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Faruqi & Faruqi, LLP is a national law firm which represents investors and individuals in class action litigation. The firm is focused on providing exemplary legal services in complex litigation in the areas of securities, shareholder, antitrust and consumer litigation, throughout all phases of litigation. The firm has an experienced trial team which has achieved significant victories on behalf of the firm's clients. To keep track of the latest securities litigation news, follow us on Twitter at www.twitter.com/MergerActivity or on Facebook at www.facebook.com/FaruqiLaw.
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