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Vuzix Corporation (VUZI)

NASDAQ:VUZI

Summary

Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Vuzix Corporation To Contact The Firm

Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vuzix Corporation (“Vuzix” or the “Company”) (NASDAQ:VUZI) of the September 24, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Vuzix stock or options between November 9, 2017 and March 20, 2018; and/or pursuant and/or traceable to the Company’s registration statement and prospectus issued in connection with its January 2018 secondary public offering (“SPO” or the “Offering”) and would like to discuss your legal rights, please fill out the form below.  There is no cost or obligation to you. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Vuzix securities pursuant to the January SPO or between November 9, 2017 and March 20, 2018 (the “Class Period”).  The case, McDonel v. Vuzix Corporation et al., Docket No. 18-cv-06656 was filed on July 24, 2018 and has been assigned to Judge Louis Lee Stanton.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose (1): that Vuzix was using unlawful stock promotion tactics to boost its stock price; (2) that Vuzix was engaging in misleading stock promotion tactics to raise nearly $30 million at an all-time high share price; and (3) as a result of the foregoing, defendants’ claims in the Registration Statement regarding Vuzix’s business, operations, and prospects, were materially false and/or misleading.

Specifically, on January 26, 2018, Vuzix commenced an SPO in which it offered 3,000,000 shares of common stock at a price of $10.00 per share. Then, on March 20, 2018, MOX Reports—a website headed by investor Richard Pearson—released a report in which it accused Vuzix of fraudulent stock inflation and marketing tactics.

On this news, Vuzix’s share price fell from $6.95 per share on March 20, 2018 to a closing price of $5.95 on March 21, 2018—a $1.00 or a 14.39% drop.

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  • Case:
    Vuzix Corporation (VUZI)
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Contact Counsel

Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330

Email:

Case Details

Date:

  • 07/27/2018

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