LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that it is investigating potential claims on behalf of purchasers of the common stock of Blount International, Inc. (“Blount” or the “Company”) (NYSE:BLT) concerning possible violations of federal securities laws. The investigation focuses on certain statements issued by the Company between January 1, 2012 and August 7, 2013 concerning the Company’s financial performance.
Please contact us at (212) 682-5340, Toll-Free at (888) 773-9224, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Blount designs, manufactures and markets equipment, replacement and component parts and accessories to forestry, lawn and garden, farm, ranch, agriculture and construction sectors in the United States and internationally. On August 7, 2013 the Company issued a press release announcing Blount’s second quarter 2013 financial results. In the press release, the Company disclosed that Blount will be amending its annual report on Form 10-K for 2012, as well as its quarterly report on Form 10-Q for the first quarter of 2013, to reflect a conclusion by the Company's management that internal control over financial reporting and disclosure controls and procedures were not effective as of December 31, 2012; the Company’s disclosure controls and procedures were not effective as of March 31, 2013, and “material weaknesses existed in those areas.”
According to the Company, in light of those material weaknesses, the Company and its independent registered public accounting firm are in the process of “also re-evaluating the Company's 2012 accounting for goodwill and other indefinite-lived intangible assets recorded in connection with the business acquisitions made in 2010 and 2011.” The Company does not intend to file its quarterly report on Form 10-Q for second quarter 2013 until that re-evaluation is completed and anticipates that the Form 10-Q will be delayed, and further stated “it is possible that we may conclude that a restatement of our financial statements for the year ended December 31, 2012 is necessary to reflect an impairment of goodwill.”
If you purchased Blount shares between January 1, 2012 and August 7, 2013, if you have information or would like to learn more about these claims, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll-Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email, please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.