INVESTOR ALERT: Kirby McInerney LLP Reminds Investors That a Class Action Lawsuit Has Been Filed Against Mueller Water Products, Inc. and Encourages Investors to Contact the Firm Before June 10
NEW YORK--(BUSINESS WIRE)--May 5, 2019--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Mueller Water Products, Inc. (“Mueller Water Products” or the “Company”) (NYSE: MWA ) securities during the period from May 9, 2016 to August 6, 2018 (the “Class Period”). Investors have until June 10, 2019 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Mueller Water Products made false and/or misleading statements and/or failed to disclose: (i) that the Company lacked adequate testing for product quality; (ii) that certain products with radio components were susceptible to fail prematurely; (iii) that, as a result, the Company was reasonably likely to incur increased expenses, including warranty costs; (iv) that these costs would materially impact the Company’s financial statements; and (v) that the Company lacked adequate internal controls over warranty costs and estimates.
On April 27, 2017, Mueller Water Products disclosed that certain radio products produced by the Company’s Technologies segment between 2011 and 2014 had been failing prematurely, resulting in a $9.8 million warranty charge. On this news, Mueller Water Products’ share price fell $1.43 per share, or 11.28%, to close at $11.25 on April 28, 2017.
Then, on August 6, 2018, Mueller Water Products reported a $14.1 million warranty charge. On this news, Mueller Water Products’ share price fell $0.75 per share, or 6%, to close at $11.74 on August 7, 2018.
If you acquired Mueller Water Products securities during the Class Period, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190505005021/en/
CONTACT: Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Kirby McInerney LLP
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PUB: 05/05/2019 09:45 AM/DISC: 05/05/2019 09:45 AM