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BENSALEM, Pa.--(BUSINESS WIRE)--Nov 6, 2024--
Law Offices of Howard G. Smith announces an investigation on behalf of Flux Power Holdings, Inc. (“Flux Power” or the “Company”) (NASDAQ: FLUX ) investors concerning the Company’s possible violations of federal securities laws.
On September 5, 2024, Flux Power disclosed that previously issued audited consolidated financial statements as of and for the fiscal year ended June 30, 2023 and the unaudited consolidated financial statements as of and for the quarters ended September 30, 2023, December 31, 2023, and March 31, 2024 should no longer be relied upon due to errors relating to the improper accounting for inventory resulting in an overstatement of inventory, current assets, total assets and accumulated deficit, an understatement of cost of sales and net loss, and overstatement of gross profit. The Company further stated that a material weakness exists in its disclosure controls and procedures and the Company’s internal control over financial reporting.
On this news, Flux Power’s stock price fell $0.17, or 5.4%, to close at $3.00 on September 6, 2024, thereby injuring investors.
Then, on September 30, 2024, the Company disclosed that it would be unable to timely file its Annual Report for the fiscal year ended June 30, 2024. On this news, Flux Power’s stock price fell $0.18, or 5.9%, to close at $2.86 per share on October 1, 2024, thereby injuring investors further.
If you purchased Flux securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20241106962545/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA
INDUSTRY KEYWORD: CLASS ACTION LAWSUIT PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2024.
PUB: 11/06/2024 06:53 PM/DISC: 11/06/2024 06:52 PM
http://www.businesswire.com/news/home/20241106962545/en