Eileen Epstein Carney
Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
Resideo cuts guidance and announces CFO change; Stock plummets over 40%
Our securities lawyers are investigating potential legal claims on behalf of Resideo Technologies investors. On October 22, Resideo (NYSE: REZI) cut its guidance for fiscal year 2019, announced a change in its CFO, and stated it was beginning an operational and financial review. On this news, Resideo shares plummeted over 40%.
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On October 22, 2019, Resideo Technologies announced preliminary third quarter financial results and revised its full year guidance for 2019. The company, which spun off from Honeywell last year and mainly focuses on smart home and security products, attributed the majority of this decreased guidance to a drop in sales volume of its thermostat unit.
In addition, Resideo also announced the leave of CFO John Ragan and the beginning of a comprehensive financial and operational review. As a result, the company’s stock plummeted 40%.
According to The Motley Fool, however, this is not the only drop Resideo has experienced recently. Resideo has lost nearly 70% of its value since it was spun out of Honeywell Technologies in 2018. The Fool states:
There is also likely a reason Honeywell decided to spin Resideo out as part of its attempt to stave off pressure from activists and spark growth.
Since its creation, Resideo has sparked substantial investor losses. If you are a Resideo shareholder, you may be eligible for monetary recovery. Contact our firm to learn more about your options.
Our securities lawyers have recovered over a billion dollars on behalf of our clients against behemoths, such as Chase Bank, Mastercard, and Anthem Blue Cross Blue Shield. Read more about our results.
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Eileen works closely with investors in securities cases and has over a decade of experience in the legal world. She received her law degree from American University in 2005.
David’s advocacy has generated major recoveries for consumers impacted by financial fraud. He was named to the Top 40 Under 40 by Daily Journal and a “Rising Star in Class Actions” by Law360.
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