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TMCNet:  INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against PowerSecure International, Inc.

[June 24, 2014]

INVESTOR ALERT: Glancy Binkow & Goldberg LLP Reminds Investors of the Lead Plaintiff Deadline in the Class Action Lawsuit Against PowerSecure International, Inc.

LOS ANGELES --(Business Wire)--

Glancy Binkow & Goldberg LLP reminds investors of PowerSecure International, Inc. ("PowerSecure" or the "Company") (NYSE:POWR) that all purchasers of PowerSecure securities between March 10, 2014 and May 7, 2014, inclusive (the "Class Period"), have until July 22, 2014, to file a motion to be appointed as lead plaintiff in the shareholder lawsuit.

PowerSecure provides interactive distributed generation power systems, smart grid monitoring, peak shaving and demand response, and standby power dispatch and control solutions to electric utilities and their commercial, institutional and industrial customers in the United States. The Complaint alleges that throughout the Class Period defendants issued false and/or misleading statements and/or failed to disclose that:

  • The Company was attempting to shift resources within it Utility Infrastructure business from certain lower-profit assignments to higher-profit assignments.
  • Shifting of resources was negatively impacting the Company's operations and utility services performance.
  • The Company was experiencing productivity losses and higher costs within its utility services group, which were negatively impacting the Company's gross margins.

On May 7, 2014, PowerSecure reported its financial results for its 2014 fiscal first quarter, including an adjusted loss of ($0.17) per share. In addition, PowerSecure disclosed that its gross profit margin had decreased to 20.9% for the quarter, down from 30.6% for the same quarter in 2013. According to the Company, the decrease in its margins and earnings was attributable to substantial shortfalls in its utility infrastructure revenue and to the Company's failure to properly allocate resources to sustain its margins.

As a result of this news, the price of PowerSecure shares declined $1.90 per share, or more than 10%, to close on May 7, 2014, at $18.60 per share, and further declined an additional $11.60 per share, or more than 62%, to close on May 8, 2014, at $7.00 per share, on unusually heavy trading volume.

If you are a member of the Class described above, you may move the Court no later than July 22, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class, you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at (646) 539-8980, or Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP, 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.


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