LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 27, 2016 deadline to file a lead plaintiff motion in the class action filed by GPM on behalf of a class (the “Class”) of investors who purchased Precision Castparts Corp. (“Precision Castparts” or the “Company”) (Formerly traded NYSE: PCP, acquired 2/1/2016) securities between May 9, 2013 and January 15, 2015, inclusive (the “Class Period”). Precision Castparts investors have until May 27, 2016 to file a lead plaintiff motion.
Precision Castparts is a manufacturer of complex metal components primarily marketed to industrial and aerospace customers. The Company produces large structural investment castings, airfoil castings, forged components, aerostructures, and highly engineered fasteners for aerospace applications.
Throughout the Class Period, Precision Castparts touted its growth prospects and assured investors that customer demand for its products was stable. In reality, Precision Castparts was allegedly losing significant market share to its competitors. Rather than disclose the true state of its financial condition and future growth prospects, Precision Castparts allegedly concealed its loss of market share and attributed declining sales figures to a temporary condition that would resolve itself in the near future.
The complaint charges Precision Castparts and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was losing significant market share to its competitors; (2) that this loss of business to competitors was not, as the Company represented, a temporary decline in sales that would reappear in the near future, but was instead a permanent decline in demand for the Company’s products; and (3) that, as a result, the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.
Upon disclosure of the permanent decline in demand for Precision Castparts products the Company’s securities declined in value thereby damaging investors.
If you purchased Precision Castparts shares, you may move the Court no later than May 27, 2016 to request appointment as lead plaintiff. To be a member of the class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, 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.
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