LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) announces an investigation on behalf of Mohawk Industries, Inc. (“Mohawk” or the “Company”) (NYSE: MHK) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On July 25, 2018, after the market closed, the Company announced disappointing financial results for second quarter 2018, disclosing that Mohawk “reduced [its] production volumes more than [the Company] had thought” and that it “came into the year with higher inventories than [it] wanted to have.”
On this news, the Company’s share price fell $38.06, or over 17%, to close at $179.31 per share on July 26, 2018, thereby injuring investors.
Then, on October 25, 2018, after the market closed, Mohawk reported third quarter 2018 financial results that fell below the Company’s guidance, stating that “[t]o improve [its] inventory turns, [Mohawk was] presently manufacturing fewer units than [it was] selling, which is negatively impacting [its] costs.”
On this news, the Company’s share price fell $36.04 , or nearly 24%, to close at $115.03 per share on October 26, 2018, thereby injuring investors further.
Then, on July 25, 2019, after the market closed, Mohawk reported that sales in its Flooring NA segment declined 7% year-over-year and that there was “big buildup in inventory in ceramic.”
On this news, the Company’s share price fell $27.52, or nearly 18%, to close at $128.84 per share on July 26, 2019, thereby injuring investors further.
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If you purchased Mohawk 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 Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to fcruz@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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