Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the District of Minnesota on behalf of shareholders of Resideo Technologies, Inc. who purchased shares between October 10, 2018 and October 22, 2019.
Resideo and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On October 22, 2019, the Company announced its preliminary financial results for 3Q2019, disclosing that it had failed to meet its revenue and earnings targets, it was lowering its recently reaffirmed revenue outlook for fiscal 2019 by $80 million, and that its CFO was leaving the Company.
On this news, the price of Resideo’s shares plummeted more than 40%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 7, 2020 to request that the court appoint them lead plaintiff.