Portnoy Law: Lawsuit Filed On Behalf of Rekor Systems, Inc. Investors
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LOS ANGELES, July 01, 2021 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises investors that a class action lawsuit has been filed on behalf of Rekor Systems, Inc. (“Rekor” or “the Company”) (NASDAQ : REKR, NVMM) investors that acquired securities between April 12, 2019 and May 25, 2021.
It is alleged in this complaint that Rekor made misleading and false statements to the market. Rekor’s business in automatic license plate recognition (“ALPR”) technology, as well as uninsured vehicle enforcement diversion (“UVED”) was not competitive with Rekor’s competitors that already possessed a dominant market share. Due to privacy concerns, it was not likely that other states would approve legislation permitting deals with Rekor in a similar manner to its partnership in Oklahoma. Rekor’s UVED partnership had not attained the level of profitability that it had expressed to the market. Rekor’s public statements were false and materially misleading throughout the class period, based on these facts. Investors suffered damages when the market learned the truth about Rekor.
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The Portnoy Law Firm represents investors in pursuing claims arising from corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA and NY Bar