NEW YORK, Mar 30, 2024 - (NewMediaWire) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Vuzix Corporation (“Vuzix” or the “Company”) (NASDAQ: VUZI). Click here to join the investigation.
If you acquired Vuzix shares and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On November 9, 2023, after the market closed, Vuzix issued a press release reporting third quarter 2023 results. The press release states that “delays of certain enterprise and OEM customer orders” resulted in “our third quarter sales falling short of expectations. . .” Further, Vuzix’s press release states “[f]or the three months ended September 30, 2023 total revenues decreased by 35% to $2.2 million versus $3.4 million for the comparable period in 2022” and “[t]he decline in total revenues was primarily due to lower product sales, and specifically decreased unit sales of M400 smart glasses.”
Following this news, the price of Vuzix shares fell $0.54 per share, or 17.3%, to close at $2.58 per share on November 10, 2023.
On March 27, 2024, Vuzix announced that the Company was delaying the filing of its form 10-K annual report and postponing its related investor conference call previously scheduled for March 28, 2024. Vuzix’s press release states that the delay was “due to the expanded nature of the audit for 2023 regarding certain transactions and time to complete it. . .”
Following this news, the price of Vuzix shares declined $0.12 per share, about 9%, to close at $1.21 per share on March 28, 2024.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
Topic: Legal Action
Source: Kaplan Fox & Kilsheimer LLP
Sectors: Legal & Compliance
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