The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the District of Maryland on behalf of investors who purchased Rekor Systems, Inc. f/k/a Novume Solutions, Inc. (NASDAQ: REKR) securities between April 12, 2019 and May 25, 2021.
According to the Rekor Systems lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) Rekor’s automatic license plate recognition (“ALPR”) technology and uninsured vehicle enforcement diversion (“UVED”)-related business is outclassed by global competitors with an established, dominant market share; (ii) it was unlikely that states would pass legislation authorizing deals similar to Rekor’s Oklahoma UVED partnership because of, inter alia, state and local privacy laws and related public concerns; (iii) Rekor’s UVED partnership was not as profitable as Defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership; (iv) accordingly, Rekor had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you suffered a loss in Rekor Systems you have until August 30, 2021 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn\'t require that you serve as a lead plaintiff.
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