BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors that purchased Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT) securities between February 24, 2017 and November 2, 2018, inclusive (the “Class Period”). Welbilt investors have until February 11, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Welbilt investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On November 5, 2018, Welbilt disclosed that the Company’s financial statements for fiscal years 2016 and 2017 should no longer be relied upon due to “errors primarily relate to the computation of income taxes.” The Company also disclosed that “certain intercompany transactions were not recorded on a timely basis.”
On this news, the Company’s stock price fell $5.06 to close at $14.26 per share on November 5, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the company lacked effective internal control over financial reporting; (2) the company was incorrectly recording the tax basis of foreign subsidiaries and the amortization of their intangible assets; and (3) consequently, defendants' statements about Welbilt's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
If you purchased shares of Welbilt, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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