District Court Dismisses Securities Class Action Against PowerSecure International
On September 14, 2016, Wilson Sonsini Goodrich & Rosati secured a dismissal with prejudice on behalf of PowerSecure International, a provider of utility and energy technologies and services, and its CEO in a securities class action filed following the company's disappointing financial results in the first quarter of 2014 and its decision to reduce its fiscal year 2014 guidance. Having previously dismissed all but one of the alleged misstatements, the U.S. District Court for the Eastern District of North Carolina held that plaintiffs had not satisfied the requirement that they plead sufficient facts to raise a strong inference of scienter.
The Wilson Sonsini Goodrich & Rosati team representing PowerSecure in the matter included partners Barry Kaplan and Greg Watts and associates John Roberts, Stephanie Jensen, Elon Slutsky, and Chris Petroni.
For more information, please refer to the court's opinion.