PowerSecure International, Inc. announced that the United States District Court for the Eastern District of North Carolina has granted the company's motion to dismiss the purported securities class action lawsuit filed against it and certain of its executive officers.
The amended complaint, filed on December 29, 2014, alleged that certain statements made by the defendants during the purported class period from August 8, 2013 through May 7, 2014 violated federal securities laws.
"We are very pleased with the court’s ruling as we have maintained from the start of this proceeding that the allegations were without merit," said Sidney Hinton, chief executive officer of PowerSecure.
The purported securities class action lawsuit was dismissed with leave to amend. The federal court has given the plaintiff until October 16, 2015 to file an amended complaint. If the plaintiff chooses not to amend the complaint, the case will be dismissed with prejudice and a final judgment will be entered. If judgment is entered, the court’s decision could then be appealed by the plaintiff. The company and other defendants will continue to vigorously defend against any such further proceedings.