The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the USDC for the District of New Jersey on behalf of investors who purchased RiT Technologies Ltd. (OTC MKTS: RITT) securities between March 3, 2015 and July 1, 2016.
According to the complaint, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) RiT CIS Ltd. was RiT Technologies’ major distributor in Russia and the Commonwealth of Independent States region; (2) RiT CIS was vital to the viability of RiT Technologies; and (3) as a result, RiT Technologies’ public statements were materially false and misleading at all relevant times.
On February 11, 2016, RiT revealed that RiT CIS was “its major distributor in Russia and the CIS region” and was delaying payments to the Company, thus adversely impacting RiT’s current cash flow. Then on April 20, 2016, the Company announced that the collection progress for overdue debts was significantly lower than planned, and that the CFO of RiT Technologies had resigned effective immediately. Then on June 3, 2016, the Company announced the resignation of its President and CEO.
If you suffered a loss in RiT Technologies you have until September 26, 2016 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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