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Lawsuit filed for Long-Term Investors in NYSE: REZI shares against Directors of Resideo Technologies, Inc.

07-24-2020 12:30 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed by an investor in Resideo Technologies, Inc. (NYSE: REZI) shares over alleged breaches of fiduciary duty.

A lawsuit was filed by an investor in Resideo Technologies, Inc. (NYSE: REZI) shares over alleged breaches of fiduciary duty.

An investor in shares of Resideo Technologies, Inc. (NYSE: REZI) filed a lawsuit against certain directors of Resideo Technologies, Inc. over alleged breaches of fiduciary duties.

Investors who are current long term investors in Resideo Technologies, Inc. (NYSE: REZI) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The plaintiff alleges that certain directors of Resideo Technologies misled the public about the financial ramifications of its 2018 spinoff from Honeywell, resulting in a significant stock price drop when the company's financial woes were revealed.

The lawsuit comes after a lawsuit was filed in November 2019 against Resideo Technologies, Inc over alleged securities laws violations. According to that complaint filed in the U.S. District Court for the District of Minnesota the plaintiff alleges that the defendants failed to disclose that the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company’s product sales, supply chain, and gross margins, putting Resideo Technologies, Inc’s fiscal 2019 financial forecasts at risk, and that, as a consequence, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its fiscal 2019 guidance as defendants had claimed. The plaintiff says that as a result of defendants’ material misrepresentations and omissions, Resideo Technologies, Inc stock traded at artificially inflated prices of more than $26 per share between October 29, 2018 and October 22, 2019.

Those who purchased shares of Resideo Technologies, Inc. (NYSE: REZI) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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