Revolution Lighting Technologies, Inc. (RVLT) Accused of Improperly Recognizing Revenue

According to the complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between March 14, 2014 and November 14, 2018, on October 17, 2018, Revolution Lighting Technologies, Inc. (RVLT) began to report dismal financial results, anticipating revenue of $33 million—significantly less than previously announced guidance of $40-$41 million. Two days later, Revolution disclosed that the U.S. Securities and Exchange Commission ("SEC") was investigating the company's revenue recognition practices. Finally, on November 14, 2018, Revolution announced that its Transaction Committee was considering an updated proposal from Chief Executive Officer Robert LaPenta to acquire all of the company's outstanding stock for $1.50 per share, citing the SEC investigation as a reason for taking the company private. Since news of Revolution's troubles began to be made public, the company's stock has plummeted 73% to close at $0.69 per share on January 31, 2019.

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