BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith alerts investors of the July 6, 2015 deadline in the class action filed on behalf of investors of MasTec, Inc. (“MasTec” or the “Company”) (NYSE:MTZ) who purchased shares between August 12, 2014 and March 17, 2015 inclusive (the “Class Period”). MasTec investors are encouraged to contact Howard G. Smith, Esq. to discuss their legal rights in the pending class action.
MasTec is an infrastructure construction company that provides engineering, building, installation, maintenance and upgrade services for energy, utility and communications infrastructure primarily in the United States. On March 17, 2015, MasTec announced that the Company will not be able to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. According to the Company, the delay is the result of an ongoing independent internal investigation by the Audit Committee and its independent counsel, and that the Audit Committee “has not reached any conclusions and is undertaking additional review of accounting estimates.” The Company further stated that it “cannot predict the outcome of the Audit Committee’s investigation, its ultimate scope or when it will be completed.” Following this news, MasTec shares fell $1.88 or over 9.5% on unusually heavy volume, to close at $17.82 on March 18, 2015.
The Complaint alleges that MasTec misled investors by failing to adequately disclose that certain cost to complete estimates, currently believed to be in the range of zero to $13 million, which were recognized during the company’s third quarter of 2014, should have been recognized during the second quarter of 2014; and, that MasTec’s internal controls over financial reporting were ineffective.
If you purchased shares of MasTec during the Class Period, contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.