BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors that a class action has been filed on behalf of Global Power Equipment Group, Inc. (GLPW or the "Company") (NYSE: GLPW) investors who purchased shares between March 9, 2015 and May 6, 2015 inclusive (the “Class Period”). Investors have until July 13, 2015 to file a motion to be appointed as a lead plaintiff in this class action lawsuit.
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 purchased GLPW shares during the Class Period, have information or would like to learn more about these claims, or have any questions concerning this announcement, you are encouraged to 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.
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