Rekor Systems, Inc.

REKR

Rekor Systems develops and distributes automatic license plate recognition technology. On May 26, 2021, investment analyst Western Edge issued a report stating that Rekor Systems’ “realized results suggest management’s potential revenue guidance could be overstated by up to 80%.”  The report raised additional concerns about the program’s economic feasibility and the costs associated in the absence of a robust process for levying and collecting fines from violators.  On the same day, another independent analyst, Mariner Research Group, issued its own detailed report outlining numerous false statements made by the CEO about the Company’s projected revenue from future contracts with the State of Oklahoma. In January 2021, the CEO had announced a revenue opportunity of $45 million over the life of a three-year contract with the State which in actuality amounted to $1.6 million over the same period. On this news, share prices dropped 3.9%.

Lead Plaintiff deadline
August 30, 2021
class period
April 12, 2019
to
May 25, 2021
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