WASHINGTON, April 16, 2015 (GLOBE NEWSWIRE) -- Cohen Milstein Sellers & Toll PLLC is conducting an investigation to determine whether Resonant, Inc. ("Resonant" or the "Company") and certain of its officers and directors made false and misleading statements and/or omissions in violation of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
Several class action lawsuits have been filed in the U.S. District Court for the Central District of California by other law firms on behalf of purchasers of the common stock of Resonant, Inc. (Nasdaq:RESN) between August 14, 2014 and February 26, 2015, inclusive (the "Class Period"). Cohen Milstein is currently investigating whether such claims should be expanded to include purchasers through April 2, 2015 as well.
Resonant creates filter designs for radio frequency (RF) front-end circuitry that processes analog signals in mobile devices. The complaints allege that Resonant and certain of its officers and directors ("Defendants") misrepresented and/or failed to disclose that: (1) there were errors in Resonant's financial statements for the three and six months ended June 30, 2014 and 2013; (2) the Company's disclosure controls and procedures were not effective as of June 30, 2014; (3) Resonant would be unable to meet a required milestone pursuant to a development agreement with one of its customers; and (4) and as a result of the foregoing, the Company's financial statements were materially false and misleading.
The claims in the filed cases followed the Company's February 26, 2015, announcement that it had delivered a design to its first customer (Skyworks Solutions, Inc.), that "does not meet all the specifications in the development agreement." The price of Resonant shares fell from $15.47 to $10.40 on February 27.
On April 2, 2015, Resonant filed a Form 8-K stating: "On March 29, 2015, we received notice from Skyworks Solutions, Inc. ("Skyworks") of its termination of the Amended and Restated Development Agreement, dated May 8, 2013, between Skyworks and our wholly-owned subsidiary, Resonant LLC (the "Development Agreement")."
Cohen Milstein encourages all investors who purchased Resonant common stock between August 14, 2014 and April 2, 2015, or former employees with information concerning this matter to contact the firm.
If you are a Resonant shareholder and would like to discuss your right to recover for your economic loss, you may, without any cost or obligation, call Cohen Milstein's Managing Partner, Steven J. Toll at (888) 240-0775 or (202) 408-4600, or email him at stoll@cohenmilstein.com. If you wish to serve as lead plaintiff, you must move the Court no later than May 18, 2015 to request appointment. Any member of the proposed class may retain Cohen Milstein or other attorneys to serve as your counsel in this action, or you may do nothing and remain an absent class member.
Cohen Milstein has significant experience in prosecuting investor class actions and actions involving securities fraud, and is active in major litigation pending in federal and state courts throughout the nation. Cohen Milstein has taken a lead role in numerous important cases on behalf of defrauded investors, and has been responsible for a number of outstanding recoveries which, in the aggregate, total over two billion dollars. Prior results do not guarantee a similar outcome. For more information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with regard to your rights, please contact either of the following:
Steven J. Toll, Esq.
Rhys Tucker
Cohen Milstein Sellers & Toll PLLC
1100 New York Avenue, N.W.
West Tower, Suite 500
Washington, D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: stoll@cohenmilstein.com; rtucker@cohenmilstein.com
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