Resideo (REZI) Alert: Shareholder Class Action Survives in Part Motion to Dismiss; Should Management be Held Accountable for Investors Losses? Contact Johnson Fistel
SAN DIEGO, Sept. 28, 2021 /PRNewswire/ -- Johnson Fistel, LLP is investigating potential claims on behalf of Resideo Technologies, Inc. (the "Company" or "Resideo") (NYSE: REZI) against certain of its officers. According to the class action lawsuit, certain officers at Resideo committed federal securities fraud between October 29, 2018, and November 6, 2019. Specifically, the lawsuit alleges that these Resideo officers made false and misleading statements and failed to disclose that:
(1) the negative operational effects of the Honeywell spin-off were more substantial and persistent than disclosed and had negatively affected the Company's product sales, supply chain, and gross margins, putting Resideo's fiscal 2019 financial forecasts at risk;
(2) as a consequence, the Company's financial guidance lacked a reasonable basis, and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed; and
(3) as a result, according to the class action lawsuit, Resideo's public statements were materially false and misleading at all relevant times.
When the true details entered the market, the class action lawsuit claims that investors suffered significant damages.
Judge Wilhelmina M. Wright granted in part and denied in part defendants' motion to dismiss a shareholder class action lawsuit pending in the United States District Court for the District of Minnesota against Resideo and certain of its officers.
If you are a current, long-term shareholder of Resideo holding shares since October 2018, you may have standing to hold Resideo harmless from the alleged harm caused by the Company's executives by making them personally responsible. You may also be able to assist in reforming the Company's corporate governance to prevent future wrongdoing.
If you are interested in learning more about the investigation, please contact lead analyst Jim Baker (jimb@johnsonfistel.com) at 619-814-4471. If emailing, please include a phone number.
Additionally, if you have continuously owned Resideo's shares since October 2018, you can [Click here to join this action]. There is no cost or obligation to you.
About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.
Contact:
Johnson Fistel, LLP
Jim Baker, 619-814-4471
jimb@johnsonfistel.com
If you have continuously owned Resideo's shares since October 2018, you can [Click here to join this action]. There is no cost or obligation to you.
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