WAKE FOREST, N.C., Sept. 18, 2015 /PRNewswire/ -- PowerSecure
International, Inc. (NYSE: POWR) today announced that the United
States District Court for the Eastern District of North Carolina has granted the company's
motion to dismiss the purported securities class action lawsuit
filed against it and certain of its executive officers.
The amended complaint, filed on December
29, 2014, alleged that certain statements made by the
defendants during the purported class period from August 8,
2013 through May 7, 2014 violated federal securities laws.
"We are very pleased with the court's ruling as we have
maintained from the start of this proceeding that the allegations
were without merit," said Sidney
Hinton, chief executive officer of PowerSecure.
The purported securities class action lawsuit was dismissed with
leave to amend. The federal court has given the plaintiff until
October 16, 2015 to file an amended
complaint. If the plaintiff chooses not to amend the complaint, the
case will be dismissed with prejudice and a final judgment will be
entered. If judgment is entered, the court's decision could
then be appealed by the plaintiff. The company and other defendants
will continue to vigorously defend against any such further
proceedings.
About PowerSecure
PowerSecure International, Inc. is a leading provider of utility
and energy technologies to electric utilities, and their
industrial, institutional and commercial customers. PowerSecure
provides products and services in the areas of Interactive
Distributed Generation® (IDG®), energy
efficiency, utility infrastructure and solar energy.
The company is a pioneer in developing IDG® power
systems with sophisticated smart grid capabilities, including the
ability to 1) forecast electricity demand and electronically deploy
the systems to deliver more efficient, and environmentally
friendly, power at peak power times, 2) provide utilities with
dedicated electric power generation capacity to utilize for demand
response purposes and 3) provide customers with the most dependable
standby power in the industry. Its proprietary distributed
generation system designs utilize a range of technologies to
deliver power, including renewables.
The company's energy efficiency products and services include
energy efficient lighting solutions that utilize LED technologies
to improve lighting quality, and the design, installation and
maintenance of energy conservation measures which we offer,
primarily as a subcontractor, to large energy service company
providers, called ESCOs, for the benefit of commercial, industrial
and institutional customers as end users.
PowerSecure also provides electric utilities with transmission
and distribution infrastructure maintenance and construction
services, and engineering and regulatory consulting services.
Additional information is available at www.powersecure.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are all statements other than statements
of historical facts, including but not limited to statements
concerning the nature and outcome of any further proceedings in the
purported class action lawsuit discussed in this press
release.
Forward-looking statements are not guarantees of future
performance or events and are subject to a number of known and
unknown risks, uncertainties and other factors that are difficult
to predict and could cause actual results to differ materially from
those expressed, projected or implied by such forward-looking
statements. Important risks, uncertainties and other factors
include, but are not limited to, the effects of pending and future
litigation, claims and disputes, including the risks and
uncertainties associated with the potential filing of an amended
complaint in the purported securities class action, a potential
appeal and reversal of the court's dismissal and the ultimate
resolution and outcome of the lawsuit; and other risks,
uncertainties and other factors identified from time to time in its
reports filed with or furnished to the Securities and Exchange
Commission, including the company's most recent Annual Report on
Form 10-K, as well as subsequently filed reports on Form 10-Q and
Form 8-K, copies of which may be obtained by visiting the investor
relations page of the company's website at
www.powersecure.com or the SEC's website at
www.sec.gov.
Accordingly, there is no assurance that the results
expressed, projected or implied by any forward-looking statements
will be achieved, and readers are cautioned not to place undue
reliance on any forward-looking statements. The forward-looking
statements in this press release speak only as of the date hereof
and are based on the current plans, goals, objectives, strategies,
intentions, expectations and assumptions of, and the information
currently available to, management. The company assumes no duty or
obligation to update or revise any forward-looking statements for
any reason, whether as the result of changes in expectations, new
information, future events, conditions or circumstances or
otherwise.
Contact:
John Bluth
(919) 453-2103
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SOURCE PowerSecure International, Inc.
