BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces an investigation on behalf of investors of Flowserve Corporation (“Flowserve” or the “Company”) (NYSE: FLS) concerning whether Flowserve and certain of its officers misled investors regarding the Company’s prior financial statements.
On July 27, 2017, Flowserve disclosed that "certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017, which occurred primarily at two non-U.S. sites, and principally involved certain inventory and accounts receivable balances" and that it "has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions."
The Company also stated that it "has determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter. The company intends to institute remediation plans as a result of these errors. The cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million."
On this news, Flowserve stock dropped $6.12 per share, or 13.2%, during intraday trading on July 28, 2017.
If you purchased Flowserve securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please 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 www.howardsmithlaw.com.
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