Michael has over 20 years of experience representing individual and small business plaintiffs against the world’s large financial institutions, including Visa, Mastercard, and Chase.
Our securities lawyers are investigating potential legal claims on behalf of Resideo Technologies investors. On October 22, Resideocut 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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Resideo Stock News: Resideo Drops Nearly 70% In One Year
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.
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