Chimicles & Tikellis LLP announces that a lawsuit has been filed in the United States Court for the Northern District of Ohio on behalf of investors who purchased common stock of TCP International Holdings Ltd. (“TCPI” or the “Company”) (NYSE: TCPI) pursuant or traceable to the Registration Statement and Prospectus filed in connection with the initial public offering between June 26, 2014 and February 27, 2015.
TCPI, a Switzerland corporation based in Switzerland, is a manufacturer and distributor of energy efficient lighting technologies. The Company’s primary products are LED and CFL lamps and fixtures and internet-based lighting control solutions. The Company reports that it has globally the largest combined number of LED and CFL Energy Star compliant lighting products. The Company had its IPO on June 26, 2014 of approximately 7.1 million shares priced at $11.00. TCPI trades on the NYSE, and 70% of its stock is controlled by CEO Ellis Yan, his brother Solomon Yan and a trust held for Ellis Yan’s daughter.
On February 26, 2015 TCPI announced that the Company’s General Counsel and Chief Compliance Officer filed suit against the Company in Ohio state court, alleging the CEO had engaged in a series of events that “constitute violations of state and federal law.” These allegations were based in part on the purported improper conduct by the CEO in that he and other officers put products noncompliant with the UL and Energy Star certification process into the market, overrode corporate policies on matters pertaining to capital expenditures, product development and safety certification, and violations of the Company’s ethics code. The market reacted swiftly to the news of the lawsuit and the stock dropped over 57% to close at $2.74 per share on heavy trading volume.
If you purchased TCPI common stock between June 26, 2014 and February 27, 2015, you have until May 1, 2015 to ask the Court to serve as lead plaintiff. If you purchased TCPI common stock in an offering between June 26, 2014 and February 27, 2015 and would like to discuss your legal rights and options, or if you possess information relevant to this investigation, please use the “Email us about this Case” button below to contact the attorneys or call us at (610) 642-8500, or toll free (888) 805-7848.