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.

 

Sichenzia Ross Ference LLP

Sichenzia Ross Ference LLP is a full service law firm with a nationally recognized corporate, securities and litigation practice that provides experienced representation in all matters involving the securities industry.  In addition to handling routine to complex commercial matters, SRF’s renowned litigation department specializes in defending companies and individuals against all types of securities cases, including class action lawsuits, shareholder derivative actions, and matters involving allegations of fraud, misrepresentation or other securities violations.  The litigation team has also brought defamation lawsuits against companies and individuals related to market manipulation.  Additionally, it represents individuals and companies in investigations by the Securities and Exchange Commission (SEC) and other regulatory bodies.  The litigation team has a robust practice representing brokers and broker-dealers in arbitrations before the Financial Industry Regulatory Authority (FINRA).  These arbitrations typically involve claims of unsuitability, churning, unauthorized trading and other allegations of broker misconduct.  Finally, SRF has a burgeoning expungement practice, where it represents brokers seeking to have negative and harmful customer complaints removed from their industry records.  The firm complements its core practice areas with an established commercial real estate and trusts and estates practice.

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