BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Hamilton Beach Brands Holding Company (“Hamilton Beach Brands” or the “Company”) (NYSE: HBB) securities between February 27, 2020 and May 8, 2020, inclusive (the “Class Period”). Hamilton Beach Brands investors have until July 21, 2020 to file a lead plaintiff motion.
Investors suffering losses on their Hamilton Beach Brands 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 firstname.lastname@example.org.
On May 11, 2020, Hamilton Beach Brands disclosed that it could not timely file its first quarter 2020 quarterly report due to “certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” The Company also revealed that its “Audit Review Committee has commenced an internal investigation” regarding “the realizability of certain assets of the Mexican subsidiary.”
On this news, the Company's share price fell $1.03, or nearly 9%, to close at $10.43 per share on May 11, 2020, on unusually heavy trading volume.
The complaint alleges that defendants made false and/or misleading statements and/or failed to disclose: (1) that Hamilton had inadequate disclosure controls and procedures and internal control over financial reporting, particularly with respect to one of its Mexican subsidiaries; (2) consequently, the Company’s accounting included certain irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at this Mexican subsidiary, as well as potential misconduct with respect to the realizability of certain assets of the Mexican subsidiary; (3) as a result of all the foregoing, Hamilton could not accurately attest to its financial results, particularly with respect to these metrics, and was consequently at an increased risk of delaying the filing of its period reports with the SEC; and (4) as a result, the Company’s public statements were materially false and misleading at all relevant times.
If you purchased Hamilton Beach Brands 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 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 email@example.com, or visit our website at www.howardsmithlaw.com.
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