| COMPANY |
Rekor Systems, Inc. f/k/a Novume Solutions, Inc. |
| COURT |
United States District Court for the District of Maryland |
| CASE NUMBER |
21-cv-01604 |
| JUDGE |
The Honorable George Levi Russell, III |
| CLASS PERIOD |
April 12, 2019 - May 25, 2021 |
| SECURITY TYPE |
All Securities |
Case Background:
The Class Period commences on April 12, 2019, the day after Rekor filed an annual report on a Form 10-K, post-market, reporting Rekor’s financial and operating results for the quarter and year ended December 31, 2018 and touting Rekor’s newly acquired ALPR technology and its purported competitive strengths. Throughout the Class Period, the defendants represented that Rekor’s ALPR technology could disrupt the current ALPR market, downplayed Rekor’s larger competitors, and touted Rekor’s opportunities for growth in the ALPR space.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) Rekor’s ALPR technology and UVED-related business is outclassed by global competitors with an established, dominant market share; (2) 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; (3) Rekor’s UVED partnership was not as profitable as the defendants had led investors to believe because of known impediments to enrollment rates and costs associated with the partnership; (4) accordingly, Rekor had overstated its potential revenues, profitability, and overall ALPR- and UVED-related business prospects; and (5) as a result, Rekor’s public statements were materially false and misleading at all relevant times.
Current Status of Case:
On November 15, 2021, the Lead Plaintiff filed a Notice of Dismissal. This action has concluded.
f you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.