NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, is investigating potential claims against Matrix Service Company (NASDAQ: MTRX) on behalf of Matrix stockholders. Our investigation concerns whether Matrix has violated the federal securities laws and/or engaged in other unlawful business practices.
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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%, to close at $12.85 per share on February 6, 2020.
If you purchased or otherwise acquired Matrix shares and suffered a loss, have information, 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 Melissa Fortunato or Marion Passmore by email at firstname.lastname@example.org, or telephone at (646) 860-9156, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.