Robbins Arroyo LLP: Resonant, Inc. (RESN) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of Resonant, Inc. (NASDAQCM: RESN) has filed a federal securities fraud class action complaint in the U.S. District Court for the Central District of California. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between August 14, 2014 and February 26, 2015. Resonant is a development stage company that focuses on creating filter designs for radio frequency front-ends in the mobile device industry.
Resonant Misrepresents Its Business Practices
The complaint alleges that Resonant made false and misleading statements and failed to disclose material adverse facts about its business, operations, prospects, and performance. Specifically, Resonant failed to disclose that it would not meet “Milestone 4” in its first development agreement for a duplexer design. According to the complaint, the truth about the Company’s business came to light on February 27, 2015, when the company announced that the completed duplexer design it delivered to its first customer for consideration did not meet all of the client’s specifications. On this news, shares of Resonant fell over $5.07, or 32%, to close at $10.40 per share.
Resonant Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.