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Robbins Arroyo LLP: Welbilt, Inc. (WBT) Misled Shareholders According to Class Action

November 14, 2018

SAN DIEGO & NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Nov 14, 2018--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Welbilt, Inc. (NYSE: WBT) have filed a class action complaint against the company’s officers and directors for alleged violations of the Securities Exchange Act of 1934 between February 24, 2017 and November 2, 2018. Welbilt is a commercial foodservice equipment company.

View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/welbilt-inc/

Welbilt Accused of Implementing Ineffective Internal Control Over Financial Reporting

According to the complaint, for nearly two years, Welbilt represented that its financial statements were accurate and that its internal controls were effective. It therefore came as a surprise to investors when Welbilt admitted that it lacked effective internal control over financial reporting. On November 5, 2018, Welbilt announced that certain of its financial statements should not be relied on because the company incorrectly recorded the tax basis of foreign subsidiaries and the amortization of their intangible assets. As a result, Welbilt had understated its U.S. tax liability. On this news, Welbilt’s stock lost more than a quarter of its value to close at $14.26 per share on November 5, 2018, and continues to decline.

Welbilt Shareholders Have Legal Options

Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.

Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.

Attorney Advertising. Past results do not guarantee a similar outcome.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181114005844/en/

CONTACT: Leonid Kandinov

Robbins Arroyo LLP

LKandinov@robbinsarroyo.com

(619) 525-3990 or Toll Free (800) 350-6003

www.robbinsarroyo.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL

SOURCE: Robbins Arroyo LLP

Copyright Business Wire 2018.

PUB: 11/14/2018 03:12 PM/DISC: 11/14/2018 03:12 PM

http://www.businesswire.com/news/home/20181114005844/en

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