AURORA, Ohio, March 2, 2015 /PRNewswire/ — TCP International Holdings Ltd. (TCPI) (“TCP” or “the Company”) today issued the following statement in response to the lawsuit recently filed by its General Counsel:
TCP takes these allegations seriously. The Audit Committee of TCP’s Board of Directors, which is comprised solely of independent directors, is investigating these claims with the assistance of outside legal counsel. The Audit Committee’s investigation is ongoing. TCP believes that the one claim against TCP is without merit, and TCP intends to vigorously defend against it. TCP does not intend to comment on the specific allegations and claims made against Ellis Yan.
TCP’s senior leadership and more than 7,000 employees worldwide remain focused on continuing the Company’s long and successful track record of providing quality products and superior customer service. For over two decades, TCP has been a leader in energy efficient lighting technology, and the TCP team intends to maintain this record well into the future.
Consistent with TCP’s commitment to high quality products, the Company has voluntarily chosen to conduct additional levels of quality control on its products. TCP believes this is appropriate and is doing so out of an abundance of caution, and TCP has engaged an outside testing firm to support these efforts. While products are available for shipping, the Company expects some deliveries may be delayed for a short time period, and TCP will work closely with customers to minimize any potential impact on orders.
TCP and its management team remain focused on delivering high quality products and customer service, and TCP’s Board of Directors is committed to serving the best interests of TCP and its shareholders.