Vuzix Corporation (VUZI) Accused of Using Illegal Stock Promotion Tactics

According to the complaint, prior to the SPO, Vuzix Corporation (VUZI) emphasized sequential growth and record revenue in its public filings. Vuzix also heavily touted its Vuzix Blade Smart Glasses ("The Blade"), noting that the device received four innovation awards at the Consumer Electronics Show in January 2018. In its SPO, Vuzix sold 3,000,000 shares at $10 per share, receiving proceeds of approximately $28.4 million. Not long after that, in March 2018, a report alleged that Vuzix illegally used stock promotion tactics to boost Vuzix's share price. The report called The Blade "little more than a low tech mock-up which serves as a prop for journalists to conduct sham reviews." On this news, Vuzix's stock fell more than 22% to close at $5.95 per share on March 21, 2018.

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