Skip to Main Content

Rekor Systems, Inc. f/k/a Novume Solutions, Inc. Securities Fraud Class Action

View Complaint
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.

Please complete this form relating to your transactions for Rekor Systems, Inc. (NASDAQ: REKR), f/k/a Novume Solutions, Inc. (NASDAQ: NVMM), securities between April 12, 2019 and May 25, 2021, both dates inclusive (the “Class Period”).

You may also contact Jon Naji, Esq. at (484) 270-1453; or you may submit your information via email at info@ktmc.com, or you may click here to print a PDF of this form.

SUBMIT YOUR INFORMATION
* Denotes required field
Date
# of Shares
Price per Share
Date
Principal Amount
Amount Paid
Series or CUSIP
Date
# of Contracts
Price per Contract
Exercise Price
Expiration Date
Did you purchase shares of Rekor Systems, Inc. f/k/a Novume Solutions, Inc. prior to the Class Period?
Are you a current or former employee of Rekor Systems, Inc. f/k/a Novume Solutions, Inc.?
The submission of this form does not create an attorney-client relationship, nor an obligation on the part of Kessler Topaz or you to file a lead plaintiff motion in this matter. Any information you submit will be maintained as confidential. If Kessler Topaz, in its sole discretion, believes that you might be an appropriate lead plaintiff candidate, Kessler Topaz will contact you to discuss the matter and whether to establish an attorney client relationship. By signing this form you are authorizing us to contact you regarding this case and/or future cases.
I agree to the KTMC disclaimer
I would like to receive new case alerts by email