Faruqi & Faruqi, LLP is investigating the claims on behalf of Flux Power investors Investing.com
Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson encourages investors who have suffered losses greater than $50,000 in Flux Power to contact him directly to discuss their options
If you have suffered losses greater than $75,000 Flux strength between November 11, 2022 and September 30, 2024 and want to discuss your legal rights, call a Faruqi & Faruqi partner Josh Wilson direct on 877-247-4292 or 212-983-9330 (ext. 1310).
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New York, New York–(Newsfile Corp. – December 28, 2024) – Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential claims against Flux Power Holdings, Inc. (“Flux Power” or the ” Company”) (NASDAQ: FLUX) and reminds investors of The deadline is December 31, 2024 to seek the role of lead plaintiff in a federal securities class action brought against the Company.
Faruqi & Faruqi is a leading national securities law firm with offices in New York, Pennsylvania, California and Georgia. The company has recovered hundreds of millions of dollars for investors since its inception in 1995. See www.faruqilaw.com.
As set forth below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose the following: (1) Flux Power’s financial statements from November 10, 2022 through today they include overvalued inventory, gross profit, current assets, and total assets, among others; (2) Flux Power understated cost of sales and net loss; (3) as a result, Flux Power should restate its previously filed financial statements from November 10, 2022 to the present; (4) Flux Power underestimated internal control weaknesses or stated that it had adequate internal controls when in fact it did not; and (5) as a result, the defendant’s statements about its business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details came to market, the lawsuit alleges, investors suffered damages.
On September 5, 2024, after the market closes, Flux Power Holdings, Inc. filed a current report on Form 8-K with the SEC, in which it announced “[o]August 30, 2024 The Board of Directors of Flux Power Holdings, Inc. (the “Company”), including members of the audit committee, concluded that the previously issued audited consolidated financial statements as of and for the fiscal year ended June 30, 2023 and unaudited consolidated financial statements as of and for the quarters ended June 30, 2023. September 2023, December 31, 2023 and March 31, 2024 (collectively, “Prior Financial Statements”), which were filed with the Commission for Securities and Exchange Commission (“SEC”) on September 21, 2023, November 9, 2023, February 8, 2024 and May 13, 2024, should no longer be relied upon for errors in such financial statements relating to it is necessary to undertake improper inventory accounting and restating.”
On this news, Flux Power common stock fell $0.17 per share, or 5.36%, to close at $3.00 per share on September 6, 2024. The next trading day, it fell an additional 0.12 USD per share, or 4%, to close at USD 2.88 per share on September 9, 2024.
A court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class, who is adequate and typical of the class members and who directs and oversees the litigation on behalf of the putative class. Any putative class member may propose to the Court to serve as lead plaintiff through counsel of his or her choosing, or may choose to do nothing and remain an absent class member. Your ability to participate in any recovery is not affected by the decision whether or not you will be the lead plaintiff.
Faruqi & Faruqi, LLP also encourages anyone with information about Flux Power’s conduct to contact the company, including whistleblowers, former employees, shareholders and others.
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To view the original version of this press release, visit https://www.newsfilecorp.com/release/234709
