Securities Class Action Investigation – Rekor Investors With Losses Greater Than $50,000 Encouraged To Contact Kehoe Law Firm, P.C.
Kehoe Law Firm, P.C. is investigating potential securities claims on behalf of investors of Rekor Systems, Inc., f/k/a Novume Solutions, Inc. (“Rekor” or the “Company”) (NASDAQ: REKR) to determine whether Rekor engaged in securities fraud or other unlawful business practices.
A class action lawsuit has been filed in United States District Court for the District of Maryland on behalf of investors who purchased, or otherwise acquired, the securities of Rekor between April 12, 2019 and May 25, 2021, both dates inclusive (the “Class Period”).
According to the lawsuit, throughout the Class Period, the Rekor Defendants made materially false and misleading statements regarding the Company’s business, operations, and compliance policies.
According to the complaint, the Rekor Defendants made false and/or misleading statements and/or failed to disclose that (i) Rekor’s ALPR technology and UVED-related business is outclassed by global competitors with an established, dominant market share; (ii) it was unlikely that states would pass legislation authorizing deals similar to Rekor’s Oklahoma UVED partnership because of, inter alia, state and local privacy laws and related public concerns; (iii) Rekor’s UVED partnership was not as profitable as the Rekor Defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership; (iv) accordingly, Rekor had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
INVESTORS WHO PURCHASED, OR OTHERWISE ACQUIRED, REKOR SECURITIES DURING THE CLASS PERIOD AND SUFFERED LOSSES GREATER THAN $50,000 ARE ENCOURAGED TO COMPLETE KEHOE LAW FIRM’S SECURITIES CLASS ACTION QUESTIONNAIRE OR CONTACT MICHAEL YARNOFF, ESQ., [email protected], (215) 792-6676, Ext. 804, [email protected], TO DISCUSS THE SECURITIES CLASS ACTION INVESTIGATION OR POTENTIAL LEGAL CLAIMS.