Glancy Prongay & Murray LLP Reminds Investors of the Deadline in the Class Action Lawsuit Against Welbilt, Inc.
LOS ANGELES, Jan. 17, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the February 11, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT ) securities between February 24, 2017 and November 2, 2018, inclusive (the “Class Period”).
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On November 5, 2018, Welbilt disclosed that the Company’s financial statements for fiscal years 2016 and 2017 should no longer be relied upon due to “errors primarily relate to the computation of income taxes.” The Company also disclosed that “certain intercompany transactions were not recorded on a timely basis.”
On this news, the Company’s stock price fell $5.06 to close at $14.26 per share on November 5, 2018, thereby injuring investors.
The Complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose that: (1) the company lacked effective internal control over financial reporting; (2) the company was incorrectly recording the tax basis of foreign subsidiaries and the amortization of their intangible assets; and (3) consequently, defendants’ statements about Welbilt’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
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If you purchased shares of Welbilt, you may move the Court no later than February 11, 2019 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 Lesley Portnoy, 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 firstname.lastname@example.org, 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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