Law
Offices of Howard G. Smith announces that it is investigating
potential claims on behalf of purchasers of the common stock of
Castlight Health, Inc. (“Castlight” or the “Company”) (NYSE:CSLT)
pursuant and/or traceable to the Company’s March 14, 2014 Initial Public
Offering ("IPO").
The investigation concerns potentially fraudulent and/or misleading
statements contained in Castlight’s registration statements and offering
documents issued in connection with the IPO. The Company potentially
misled investors by failing to disclose that: (i) Castlight’s backlog
was increasing due to implementation delays relating to significant
scalability issues; (ii) many Castlight customers were not renewing
their contracts and upsells were not sufficient to offset the lost
revenues; (iii) the Company’s technology was not scalable to a level
sufficient to reach the margins and profitability conveyed to investors;
and, (iv) as a result the Company’s financial performance was
deteriorating. When the true details of the Company’s performance
entered the market, Castlight’s share price declined and investors
suffered damages.
If you purchased common stock pursuant and/or traceable to the Castlight
IPO you are encouraged to contact Howard Smith, Esquire to discuss your
legal rights: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite
112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847,
toll-free at 888-638-4847, or by email to howardsmith@howardsmithlaw.com,
or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Copyright Business Wire 2015