The Rosen Law Firm, a global investor rights law firm, reminds
purchasers of Appliance Recycling Centers of America, Inc. (NASDAQ:ARCI)
common stock from March 15, 2012 through February 11, 2015 of the
important May 5, 2015 lead plaintiff deadline in the class action filed
by the firm. The lawsuit seeks to recover damages for ARCA investors
under the federal securities laws.
To join the ARCA class action, go to the website at http://www.rosenlegal.com/cases-510.html
or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free at 866-767-3653
or email pkim@rosenlegal.com or kchan@rosenlegal.com
for information on the class action. The suit is pending in the U.S.
District Court for the Central District of California.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS
CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU
MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU
MAY RETAIN COUNSEL OF YOUR CHOICE.
According to the lawsuit, ARCA issued materially false and misleading
statements to investors and/or failed to disclose that: (1) ARCA’s
financial statements contained errors concerning sales tax related to
its appliance replacement programs; and (2) the Company lacked adequate
internal controls. On August 6, 2014, the Company announced that the
California Board of Equalization ("BOE") is conducting an examination of
sales and use taxes covering ARCA's appliance replacement sales. On this
news, the Company’s shares fell $1.11 per share or over 27% to close at
$2.99 per share on August 7, 2014, damaging investors. On February 11,
2015, the Company announced that it expect an assessment of at least
$4.0 million from the BOE and will need to restate its previously issued
financial statement for the years ended December 28, 2013, December 29,
2012 and December 31, 2011, for the quarters in those years, and for the
quarters ended March 29, June 28 and September 27, 2014. On this news,
the Company’s shares fell $0.43 per share or over 14% to close at $2.54
per share on February 12, 2015, further damaging investors.
A class action lawsuit has already been filed. If you wish to serve as
lead plaintiff, you must move the Court no later than May 5, 2015. If
you wish to join the litigation, go to the website at http://www.rosenlegal.com/cases-510.html
or to discuss your rights or interests regarding this class action,
please contact, Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law
Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com
or kchan@rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe,
concentrating its practice in securities class actions and shareholder
derivative litigation.
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