Cases
Vuzix Corporation (VUZI)
Securities Class Action
Overview
Overview
- Date:
- 7/25/2018
- Status:
- Closed/Complete
NEW YORK, July 25, 2018 – Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all persons or entities who purchased or otherwise acquired Vuzix Corporation (NYSE: VUZI) securities between September 9, 2017 and March 20, 2018 (the “Class Period”). Investors have until September 24, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Vuzix used unlawful stock promotion tactics to boost the Company’s stock price; (2) that Vuzix used misleading stock promotion tactics to raise nearly $30 million at an all-time high share price; and (3) that, as a result of the foregoing, Defendants’ statements in the Registration Statement regarding Vuzix’s business, operations, and prospects, were materially false and/or misleading.
On March 16, 2018, a report was published by the short-seller Mox Reports that alleged that Vuzix recently used an undisclosed stock promotion involving dozens of mainstream media outlets to artificially inflate the share price and volume, and then raise $30 million. On this news, the share price of Vuzix fell $0.70 over the next two trading days, or 9.15%, to close at $6.95 per share on March 20, 2018.
If you purchased or otherwise acquired Vuzix securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Vuzix used unlawful stock promotion tactics to boost the Company’s stock price; (2) that Vuzix used misleading stock promotion tactics to raise nearly $30 million at an all-time high share price; and (3) that, as a result of the foregoing, Defendants’ statements in the Registration Statement regarding Vuzix’s business, operations, and prospects, were materially false and/or misleading.
On March 16, 2018, a report was published by the short-seller Mox Reports that alleged that Vuzix recently used an undisclosed stock promotion involving dozens of mainstream media outlets to artificially inflate the share price and volume, and then raise $30 million. On this news, the share price of Vuzix fell $0.70 over the next two trading days, or 9.15%, to close at $6.95 per share on March 20, 2018.
If you purchased or otherwise acquired Vuzix securities during the Class Period or continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.