Press release
Investigation announced for Investors in shares of PowerFleet, Inc. (NASDAQ: PWFL) over possible Violations of Securities Laws
An investigation was announced for investors of PowerFleet, Inc. (NASDAQ: PWFL) shares over potential securities laws violations by PowerFleet, Inc.
Investors who purchased shares of PowerFleet, Inc. (NASDAQ: PWFL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PowerFleet, Inc. (NASDAQ: PWFL) concerning whether a series of statements by PowerFleet, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Wodcliff Lake, NJ based PowerFleet, Inc. provides wireless Internet-of-Things (IoT) asset management solutions in the United States, Israel, and internationally. PowerFleet, Inc. declined from $135.91 million in 2022 to $133.73 million in 2023, and that its Net Loss declined from $6.75 million in 2022 to $5.67 million in 2023.
On April 5, 2024, PowerFleet, Inc. disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that the Company had "received written notice (the 'Nasdaq Notification Letter') from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq') notifying the Company that it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the '2023 Form 10-K'), as required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has 60 calendar days from the date of the Nasdaq Notification Letter to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1)." In the same filing, the Company also stated "that the Company's previously released financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years (collectively, the 'Non-Reliance Periods'), should no longer be relied upon" and will be restated.
Specifically, PowerFleet, Inc. stated that "the accounting treatment relating to the redemption premium associated with the Company's Series A convertible preferred stock (the 'Series A Preferred Stock') required correction to comply with U.S. generally accepted accounting principles", which "are expected to result in increases in 'net loss attributable to common stockholders' by approximately $5 million, $6 million and $5 million for each of the fiscal years ended December 31, 2021, December 31, 2022 and nine months ended September 30, 2023, respectively, increases in 'convertible redeemable preferred stock' by approximately $11 million, $16 million and $21 million as of December 31, 2021, December 31, 2022 and September 30, 2023, respectively, and decreases in 'additional paid-in capital' by approximately $11 million, $16 million and $21 million as of December 31, 2021, December 31, 2022 and September 30, 2023, respectively." PowerFleet also disclosed that it "expect[s] to report a material weakness" in internal control over financial reporting.
Shares of PowerFleet, Inc. (NASDAQ: PWFL) declined from $5.67 per share on April 02, 2024, to as low as $3.85 per share on April 19, 2024.
Those who purchased shares of PowerFleet, Inc. (NASDAQ: PWFL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Investors who purchased shares of PowerFleet, Inc. (NASDAQ: PWFL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of PowerFleet, Inc. (NASDAQ: PWFL) concerning whether a series of statements by PowerFleet, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Wodcliff Lake, NJ based PowerFleet, Inc. provides wireless Internet-of-Things (IoT) asset management solutions in the United States, Israel, and internationally. PowerFleet, Inc. declined from $135.91 million in 2022 to $133.73 million in 2023, and that its Net Loss declined from $6.75 million in 2022 to $5.67 million in 2023.
On April 5, 2024, PowerFleet, Inc. disclosed in a filing with the U.S. Securities and Exchange Commission ("SEC") that the Company had "received written notice (the 'Nasdaq Notification Letter') from the Listing Qualifications Department of The Nasdaq Stock Market LLC ('Nasdaq') notifying the Company that it did not timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2023 (the '2023 Form 10-K'), as required for continued listing on The Nasdaq Global Market pursuant to Nasdaq Listing Rule 5250(c)(1). Under Nasdaq rules, the Company has 60 calendar days from the date of the Nasdaq Notification Letter to submit to Nasdaq a plan to regain compliance with Nasdaq Listing Rule 5250(c)(1)." In the same filing, the Company also stated "that the Company's previously released financial statements for the fiscal years ended December 31, 2021 and 2022, and for each of the interim periods during the 2022 and 2023 fiscal years (collectively, the 'Non-Reliance Periods'), should no longer be relied upon" and will be restated.
Specifically, PowerFleet, Inc. stated that "the accounting treatment relating to the redemption premium associated with the Company's Series A convertible preferred stock (the 'Series A Preferred Stock') required correction to comply with U.S. generally accepted accounting principles", which "are expected to result in increases in 'net loss attributable to common stockholders' by approximately $5 million, $6 million and $5 million for each of the fiscal years ended December 31, 2021, December 31, 2022 and nine months ended September 30, 2023, respectively, increases in 'convertible redeemable preferred stock' by approximately $11 million, $16 million and $21 million as of December 31, 2021, December 31, 2022 and September 30, 2023, respectively, and decreases in 'additional paid-in capital' by approximately $11 million, $16 million and $21 million as of December 31, 2021, December 31, 2022 and September 30, 2023, respectively." PowerFleet also disclosed that it "expect[s] to report a material weakness" in internal control over financial reporting.
Shares of PowerFleet, Inc. (NASDAQ: PWFL) declined from $5.67 per share on April 02, 2024, to as low as $3.85 per share on April 19, 2024.
Those who purchased shares of PowerFleet, Inc. (NASDAQ: PWFL) have certain options and should contact the Shareholders Foundation.
Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
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