Seeking Alpha

PowerSecure improves terms of service with major customer, shares +13%

  • PowerSecure (POWR) +13.3% premarket on news it has modified the service arrangement with one of its major utility customers to improve the terms of its ongoing service.
  • The modifications include adjustments to pricing, work assignments and expected improvements in the ongoing scope of work.
  • POWR says the changes will restore the profitability of the work provided to the utility.
  • Also says it will vigorously defend against claims made in securities class action lawsuits filed last month against the company and two of its officers.
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