LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired 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.
If you suffered a loss on your Hamilton Beach Brands investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email firstname.lastname@example.org or visit our website at www.glancylaw.com to learn more about your rights.
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 during the Class Period, you may move the Court no later than July 21, 2020 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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