NEW YORK--(BUSINESS WIRE)--The law firm of Wohl & Fruchter LLP is investigating possible violations of federal securities laws by officers and directors of Acorn Energy, Inc. (Acorn) (NASDAQ: ACFN).
On October 7, 2013, Acorn disclosed in an SEC filing that, on October 3, 2013, its Audit Committee determined that the Company will record an impairment charge as a result of write-downs of goodwill and/or other intangibles, and will record a restructuring charge, with respect to its OmniMetrix subsidiary.
The Company further disclosed that the impairment and restructuring charges with respect to OmniMetrix would likely have a material impact on the Company’s results of operations for the quarter ended September 30, 2013.
OmniMetrix was acquired by the Company in February 2012.
Upon the above news, ACFN shares have declined over 20% in trading on October 7, 2013.
Persons with relevant information, and ACFN shareholders with questions about this investigation, are invited to contact the attorney below, or our Firm by calling 866.833.6245.
Additional information is available on our website at: http://www.wohlfruchter.com/cases/acfn.
About Wohl & Fruchter
Wohl & Fruchter LLP represents plaintiffs in litigation arising from fraud and other fiduciary breaches by corporate managers, as well as other complex litigation matters. Please visit our website, www.wohlfruchter.com, to learn more about our Firm, or contact one of our partners.
Contact:
J. Elazar Fruchter (jfruchter@wohlfruchter.com)
845.425.4658
or Toll Free 866.833.6245
Wohl & Fruchter LLP
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Lexington Avenue
New York, NY 10022
www.wohlfruchter.com
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