Sichenzia Ross Ference LLP Achieves Voluntary Dismissals in Federal Securities Class Action Lawsuit and Shareholder Derivative Action
Press Release – New York, NY – December 16, 2019 – Sichenzia Ross Ference LLP (SRF) achieved voluntary dismissals in two lawsuits on behalf of its client, Vuzix Corporation (“Vuzix” or “Company”), a leading developer and supplier of Smart Glasses and Augmented Reality Glasses. SRF represented the Company in consolidated class action lawsuits alleging violations of federal securities laws before the United States District Court for the Southern District of New York (“Class Action”), and in consolidated shareholder derivative actions before the New York State Supreme Court for Monroe County (“Derivative Action”). The Plaintiffs ultimately dropped both actions.
In the Class Action, the Plaintiffs alleged securities laws violations against Vuzix in connection with a secondary public offering of its stock (NASDAQ: VUZI). SRF rigorously defended against the claims, denying any wrongdoing, and in anticipation of SRF filing a motion, the Plaintiffs opted to voluntarily dismiss the action.
More recently, in the Derivative Action, the Plaintiffs asserted common law claims against Vuzix and its directors and officers in connection with the Company’s secondary public offering. SRF filed a motion to dismiss, asserting that the Plaintiffs’ allegations were unfounded and that the Plaintiffs failed to state a viable claim. Three days before their response to the motion was due, Plaintiffs’ counsel advised that they were voluntarily discontinuing the case. It is apparent that SRF’s motion was the impetus for the decision of Plaintiffs’ counsel to drop the lawsuit. The SRF team was led by founding partner Gregory Sichenzia and litigation associate Thomas McEvoy.