Update in the Lawsuit for Investors in Resideo Technologies, Inc. (NYSE: REZI)

On November 8, 2019, an investor, who purchased shares of Resideo Technologies, Inc. (NYSE: REZI), filed a lawsuit in the U.S. District Court for the District of Minnesota over alleged violations of Federal Securities Laws by Resideo Technologies, Inc.

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

On October 22, 2019, Resideo Technologies, Inc issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for fiscal year 2019 by $80 million. Also on October 22, 2019, Resideo Technologies, Inc announced that Joseph D. Ragan III, the Company's Chief Financial Officer, would be leaving Resideo on November 6, 2019.

The plaintiff claimed that between October 29, 2018 and October 22, 2019, 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.

On April 10, 2020, a consolidated amended complaint was filed and on July 10, 2020, the defendants filed a Motion to Dismiss the consolidated amended Complaint.

On March 30, 2021, the Court issued an Order denying Defendants' Motion to Dismiss.

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

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 lawsuits, 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.

This release was published on openPR.