Violations of federal securities laws as a result of a series of materially false statements. The Complaint alleges that Defendants concealed from the investing public that TCP's Registration Statement issued in connection with its IPO contained statements that falsely described the Company's operations and business, including falsities concerning its important Underwriters Laboratory ("UL") and Energy Star approvals, compliance, and qualifications. In addition, it is alleged that the Registration Statement failed to disclose certain material events known to Defendants that caused the information reported in the Registration Statement and other public statements not to be indicative of TCP's actual operations. According to the Complaint, on February 26, 2015, Laura Hauser, the Company's General Counsel, filed a lawsuit against TCP, its subsidiary and CEO Ellis Yan ("Yan"), claiming that Yan has run the lighting products company in a reckless and unethical way - and threatened her for bringing it up with the Company's Board of Directors. One of the problems Hauser cited in the lawsuit was that Yan allegedly ordered the Company to produce 40,000 LED lamps labeled with the "UL" mark, even though they had not been approved by the product testing company, and that the lamps eventually failed UL tests. On this news, shares in TCP fell by more than 57%, closing at $2.74 per share on February 27, 2015, on heavy trading volume of over 2.8 million shares. Filed in N.D. Ohio.
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