WILMINGTON, Del., May 5, 2015 /PRNewswire/ — Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Rubicon Technology, Inc. (NASDAQ GS: RBCN)?
- Did you purchase your shares pursuant and/or traceable to the public offering on or about March 19, 2014, or between February 19, 2014 and May 1, 2014, inclusive?
- Did you lose money in your investment in Rubicon Technology, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased the common stock of Rubicon Technology, Inc. (“Rubicon” or the “Company”) (NASDAQ GS: RBCN) pursuant or traceable to its public offering commenced on or about March 19, 2014 alleging violations of the Securities Act of 1933 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of Rubicon in the March 19, 2014 offering, or during the period February 19, 2014 and May 1, 2014, inclusive, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to firstname.lastname@example.org; or at: http://rigrodskylong.com/investigations/rubicon-technology-inc-rbcn.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants’ public statements and filings, including the Registration Statement issued in connection with March 19, 2014 offering, contained materially false and misleading statements, and/or failed to disclose known material trends, events and/or uncertainties known to management that were reasonably expected to have a material adverse effect on the Company’s operating income. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 1, 2014, the Company issued a press release and hosted a conference call to review its first quarter 2014 results. In the release, the Company reported disappointing financial results and revealed previously undisclosed and materially adverse information regarding: (i) the reversal of positive trend of shrinking losses; (ii) higher than expected development costs; (iii) inventory write-off; and (iv) its risky PSS business.
On this news, shares in Rubicon plummeted more than 16%, closing at $8.51 per share on May 2, 2014, on extremely high trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than June 29, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.