SAN DIEGO & CHARLOTTE, N.C.--(BUSINESS WIRE)--Shareholder rights law firm Robbins LLP announces that a purchaser of NN, Inc. (NASDAQ: NNBR) has filed a class action complaint against the company for alleged violations of the Securities Act of 1933 pursuant to its September 2019 secondary public offering ("SPO"). NN is a diversified industrial company that designs and manufactures high-precision components and assemblies in various countries.
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NN, Inc. (NNBR) Accused of Misleading Investors in IPO
According to the complaint, NN completed its SPO on September 14, 2018, offering 14,375,000 million shares of NN common stock at $16.00 per share for gross proceeds of $216 million. In its Registration Statement, NN claimed that its relationships with hundreds of customers around the world inoculated it against fluctuations in particular markets and touted the company's global footprint, including the "significant growth potential" of its Asian facilities. However, NN's offering documents concealed massive problems in the company, including that as of the date of the SPO NN's earnings and profitability were being negatively impacted by fluctuations in the Chinese auto market and problems in the Power Solutions sector. Since its SPO, the price of NN's stock has plummeted, currently trading at $8.24, an almost 49% decline from its SPO price.
NN, Inc. (NNBR) Shareholders Have Legal Options
Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.
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