Faruqi & Faruqi Securities LLP partner James (Josh) Wilson encourages investors who have suffered losses exceeding $50,000 in Flow Power to contact him directly to discuss their options.
If you suffer losses exceeding $75,000 Flow power Between November 11, 2022 and September 30, 2024 If you would like to discuss your legal rights, contact Farooqui & Farooqui Partner Josh Wilson live in 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 28, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Flux Power Holdings, Inc. (“Flux Power” or “Company”) (NASDAQ: FLUX) and reminds investors of December 31, 2024 deadline For the role of lead plaintiff in a federal securities class action lawsuit filed against the Company.
Farooqui & Farooqui is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its founding in 1995. See www.faruqilaw.com.
As detailed below, the complaint alleges that the Company and its executives violated the federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Flux Power's financial statements from November 10, 2022 through Present, among other things, overstated inventory, gross profit, current assets, and total assets; (2) lower cost of sales and net loss; (3) as a result, Flux Power will need to restate its previously filed financial statements from November 10, 2022 to the present; (4) Flux Power downplayed weaknesses in internal controls or stated that it had adequate internal controls when in fact it did not; and (5) as a result, Defendants' statements about its business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims, investors suffered damages.
On September 5, 2024, after the market closed, Flux Power Holdings, Inc. A current report on Form 8-K to the Securities and Exchange Commission, in which “(o) on August 30, 2024, the Board of Directors of Flux Power Holdings, Inc. (the “Company”), including the members of its Audit Committee, concluded that The previously issued audited consolidated financial statements as of and for the fiscal year ending June 30, 2023 and the unaudited consolidated financial statements as of and for the quarters ending September 30 2023, December 31, 2023, and March 31, 2024 (collectively the “Foreign Financial Statements”), which were filed with the Securities and Exchange Commission (“SEC”) on September 21, 2023, November 9, 2023, February 8, 2024, and May 13, 2024, respectively, it should no longer be relied upon due to errors in such financial statements relating to improper accounting The inventory should be reworked.”
On this news, Flux Power's common stock fell $0.17 per share, or 5.36%, to close at $3.00 per share on September 6, 2024. On the next trading day, it fell $0.12 per share, or 4% , closing at $2.88. per share on September 9, 2024.
A court-appointed lead plaintiff is the investor with the greatest financial interest in the relief sought by the class and is appropriate and typical for members of the class who direct and oversee litigation on behalf of the putative class. Any member of the putative class may ask the court to serve as lead plaintiff through counsel of their choosing, or they may choose to do nothing and remain an absent member of the class. Your ability to participate in any recovery is not affected by the decision whether or not to serve as lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Flux Power's conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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Lawyer advertisement. The law firm responsible for this announcement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Past results do not guarantee or predict a similar result with respect to any future matter. We welcome the opportunity to discuss your specific case. All communications will be treated confidentially.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/234709
