LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation on behalf of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On February 6, 2020, in connection with second quarter 2020 results, Matrix recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. In a press release, the Company stated that “the impairment of the goodwill was due to the financial performance of portions of the power delivery business that led to depressed gross margins, which accelerated during the second quarter.” As a result, Matrix is” implementing significant changes to the operations and management of its Electrical Infrastructure segment, including changes to leadership, modifications to operational processes, changes to mid-level operational personnel, and increased business development resources.”
On this news, Matrix's share price fell $6.00, nearly 30%, closing at $12.85 per share on February 6, 2020, thereby injuring investors.
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If you purchased Matrix 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 The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to email@example.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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