INVESTOR ALERT: Faruqi & Faruqi, LLP Announces Investigation of Appliance Recycling Centers of America, Inc. and Encourages Investors Who Suffered Losses in Excess of $100,000 to Contact the Firm - ARCI
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Appliance Recycling Centers of America, Inc. (“ARCA” or the “Company”) (NasdaqCM: ARCI).
A complaint has been filed in the United States District Court for the Central District of California on behalf of all persons who purchased or otherwise acquired ARCA publicly traded common stock between March 15, 2012 and February 11, 2015 (the “Class Period”).
On August 6, 2014, ARCA announced that the California Board of Equalization (“BOE”) would be conducting an examination of sales and use taxes covering ARCA’s appliance replacement sales. Then, on February 11, 2015, the company announced an expected assessment of no less than $4 million from the BOE and that it would have to restate previously issued financial statements from 2011, 2012, and 2013, the quarters from those years, and for the first three quarters in 2014.
Upon the release of this news, ARCA shares fell to close at $2.54 per share on February 12, 2015.
If you invested in ARCA stock or options between March 15, 2012 and February 11, 2015 and would like to discuss your legal rights you can contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding ARCA’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
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