DALLAS--(BUSINESS WIRE)--Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, has launched an investigation of Flowserve Corporation (“Flowserve”) (NYSE: FLS) and several officers and directors for possible violations of federal securities laws.
The firm is investigating potential legal claims against the officers and Board of Directors of Flowserve. If you are an affected Flowserve shareholder and want to learn more about the investigation, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org, or call toll free at (888) 809-2750. There is no cost or fee to you.
The firm seeks to determine if the defendants violated certain provisions of the Securities Exchange Act of 1934. Specifically, the investigation relates to Flowserve announcing disappointing Second Quarter 2017 Results on July 27, 2017. Flowserve revealed, among other things, that “certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017.” The announcement further stated that Flowserve had determined it would amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions. Flowserve also revealed that a “material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter” and that the “cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million.” Upon release of this news, Flowserve’s stock price fell.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.