LAWSUIT FILED: Rekor Systems Sued for Securities Fraud; Investors Should Contact Block & Leviton for More Information

Boston, Massachusetts--(Newsfile Corp. - July 19, 2021) - Block & Leviton announces that a class action lawsuit has been filed against Rekor Systems, Inc. (NASDAQ: REKR) f/k/a Novume Solutions, Inc. (NVMM) and certain of its officers for securities fraud. Investors who purchased Rekor shares between April 12, 2019 and May 25, 2021 and lost money are strongly encouraged to contact Block & Leviton attorneys at (617) 398-5600, via email at: cases@blockleviton.com or to visit our website for more information on the case.

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%.

The deadline to seek appointment as lead plaintiff is August 30, 2021. A class has not yet been certified, and until a certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.

Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email cases@blockleviton.com with any questions.

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CONTACT:
BLOCK & LEVITON LLP
260 Franklin St., Suite 1860
Boston, MA 02110
Phone: (617) 398-5600
Email: cases@blockleviton.com
SOURCE: Block & Leviton LLP
www.blockleviton.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90616.