LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray reminds investors of the July 13, 2015 deadline to file a lead plaintiff motion in the class action filed on behalf of investors of Global Power Equipment Group, Inc. (“Global Power” or the “Company”) (NYSE:GLPW) who purchased shares between March 9, 2015 and May 6, 2015 inclusive (the “Class Period”). Global Power investors that purchased shares during the Class Period are encouraged to contact Glancy Prongay & Murray to discuss their legal rights.
Global Power is a Texas-based design, engineering and manufacturing firm providing an array of equipment and services to the global power infrastructure, energy and process industries.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (2) the Company lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On May 6, 2015 after the close of the market, Global Power announced the delay in filing of its Form 10-Q for the first quarter of 2015, and that the Company would restate its financial results for the annual period ending December 31 2014. In addition the Company withdrew its previously issued guidance for 2015. The reason for the delay was errors identified by the Company’s Audit Committee that resulted in, “an understatement of the Company's cost of sales in the quarterly and annual periods ended December 31, 2014.”
On this news, shares of Global Power declined $4.05 per share, or 33%, to close on May 7, 2015 at $8.19 per share.
If you acquired Global Power securities prior to May 6, 2015, if you have information or would like to learn more about these claims, or have any questions concerning this announcement, please contact Lesley Portnoy, of Glancy Prongay & Murray, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email 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.
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