REKR INVESTOR ALERT: Bernstein Liebhard LLP Announces that a Securities Class Action Lawsuit ...
NEW YORK, July 02, 2021 (GLOBE NEWSWIRE) -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action lawsuit has been filed on behalf of investors who purchased or acquired the securities of Rekor Systems, Inc. (“Rekor Systems” or the “Company”) (NASDAQ: REKR) f/k/a Novume Solutions, Inc. from April 12, 2019 through May 25, 2021 (the “Class Period”). The lawsuit filed in the United States District Court for the District of Maryland alleges violations of the Securities Exchange Act of 1934.
If you purchased Rekor Systems securities, and/or would like to discuss your legal rights and options please visit Rekor Systems Shareholder Class Action Lawsuit or contact Joseph R. Seidman toll free at (877) 779-1414 or email@example.com
The complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and failed to disclose that: (i) the Company’s ALPR technology and UVED-related business is outclassed by global competitor with an established and dominant market share; (ii) it was unlikely that other states would pass legislation authorizing deals similar to the REKR Oklahoma UVED partnership due to state and local privacy laws and other concerns; (iii) Rekor Systems’ UVED partnership was not as profitable as Defendants led investors to believe due to known issues with enrollment rates and costs associated with partnership; (iv) Rekor Systems had overstated its potential revenues, profitability, and overall ALPR and UVED-related business prospects; and (v) as a result, Rekor Systems’ public statements were materially false and misleading at all relevant times.
On May 10, 2021, a bill to authorize a state UVED program was excluded from the Texas Legislature and left pending in a state committee. With May 10 as the deadline, news sources reported that the bill was likely dead. Later that day, in a post-market earnings call, Defendant Berman indicated that Rekor Systems may not secure a UVED agreement with Texas.
On this news, Rekor Systems’ stock price $5.20 per share to close at $13.71 per share on May 10, 2021. Following the Defendants’ post-market conference call, the stock price fell an additional $2.45 per share, to close at $11.26 per share on May 11, 2021.
On May 26, 2021, both Western Edge and Mariner Research Group published reports addressing the Company’s shortcomings and expectations. Following the publication of these reports, Rekor Systems’ stock price fell $0.44 per share, to close at $10.77 per share on May 26, 2021.
If you wish to serve as lead plaintiff, you must move the Court no later than August 30, 2021. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Rekor Systems securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/rekorsystemsinc-rekr-shareholder-class-action-lawsuit-fraud-stock-408/apply/ or contact Joseph R. Seidman toll free at (877) 779-1414 or firstname.lastname@example.org
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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Joseph R. Seidman
Bernstein Liebhard LLP