Plaintiffs Drop Shareholder Lawsuit Against Rekor
Rekor Systems (NASDAQ:REKR) announced that the plaintiffs in the class action lawsuit Miller v. Rekor Systems, Inc., et al have filed a Stipulation and Proposed Order of Dismissal, effectively closing the case. Initially filed in June 2021, the lawsuit alleged violations of federal securities laws due to misleading information spread by anonymous short sellers. Lead Director Paul de Bary expressed satisfaction with the swift resolution, which was reached independently by the plaintiffs without compensation.
- Class action lawsuit dismissed, reducing legal uncertainties and potential financial liabilities.
- Allegations of federal securities law violations previously raised against the company.
COLUMBIA, MD / ACCESSWIRE / November 15, 2021 / Rekor Systems, Inc. (NASDAQ:REKR) ("Rekor" or the "Company"), a global AI technology company with a mission to provide insights that build safer, smarter, and more efficient cities around the world through intelligent infrastructure, announced today that the plaintiffs in Miller v. Rekor Systems, Inc., et al. (21-cv-1604) (the "Lawsuit") filed a Stipulation and Proposed Order of Dismissal.
The stipulation seeks to voluntarily dismiss the class action lawsuit against Rekor and several of its executives in the United States District Court for the District of Maryland. The Lawsuit, which alleged violations of federal securities laws, was originally filed in June 2021, following the dissemination of false and misleading information about the Company by certain anonymous short sellers.
"This, of course, is a matter that we took very seriously, especially when numerous law firms announced investigations," said Rekor Lead Director Paul de Bary. "This was a decision made by the plaintiffs independently without compensation. While we're not surprised by the ultimate outcome, we're pleased to see it achieved expeditiously."
About Rekor Systems
Rekor Systems, Inc. (NASDAQ:REKR) is a trusted global authority on intelligent infrastructure providing innovative solutions that drive the world to be safer, smarter, and more efficient. As a provider of comprehensive, continuous, and real-time roadway intelligence, Rekor leverages AI, machine learning, and holistic data to support the intelligent infrastructure that is essential for smart mobility. With its disruptive technology, the Company delivers integrated solutions, actionable insights, and predictions that increase roadway safety.
Contacts:
Media:
Robin Bectel
REQ for Rekor Systems
rekor@req.co
Investor Relations:
Rekor Systems, Inc.
Bulent Ozcan
ir@rekor.ai
SOURCE: Rekor Systems, Inc.
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