Gainey McKenna & Egleston Announces a Class Action Lawsuit Has Been Filed Against Vuzix Corporation (VUZI)

NEW YORK, July 27, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Vuzix Corporation ("Vuzix" or the "Company") VUZI in the United States District Court for the Southern District of New York on behalf of a class consisting of investors who (a) acquired Vuzix securities pursuant and/or traceable to the Company's false and/or misleading registration statement and prospectus (collectively, the "Registration Statement") issued in connection with the Company's January 2018 secondary public offering ("SPO" or the "Offering"); and/or, (b) acquired Vuzix securities between November 9, 2017, and March 20, 2018, inclusive (the "Class Period").

The Complaint alleges Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that Vuzix used unlawful stock promotion tactics to boost the Company's stock price; (2) that Vuzix used misleading stock promotion tactics to raise nearly $30 million at an all-time high share price; and (3) that, as a result of the foregoing, Defendants' statements in the Registration Statement regarding Vuzix's business, operations, and prospects, were materially false and/or misleading.

Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the September 24, 2018 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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