Robbins Arroyo LLP: Welbilt, Inc. (WBT) Misled Shareholders According to Complaint
SAN DIEGO & NEW PORT RICHEY, Fla.--(BUSINESS WIRE)--Mar 19, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that a purchaser of Welbilt, Inc. (NASDAQ: WBT) filed a complaint against the company’s officers and directors for breaches of fiduciary duties, unjust enrichment, and waste. Welbilt is a commercial foodservice equipment company that designs, manufactures, and supplies food and beverage equipment worldwide.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/welbilt-mar-19/
Welbilt Announces Restatement of Consolidated Financial Statements and Material Weakness Relating to Income Taxes
According to the complaint, on November 5, 2018, the company filed a report with the U.S. Securities and Exchange Commission titled “Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review” announcing that previously issued financial statements as of December 31, 2016, could no longer be relied upon to do “prior period errors” primarily related to certain income tax computations. Welbilt disclosed that it discovered errors in the tax basis of a foreign subsidiary and incorrect amortization of intangible assets by the same entity that resulted in an understatement of the U.S. tax liability. Due to these errors, Welbilt would restate its consolidated financial statements for year ended December 31, 2016, and revise the years ended December 31, 2015 and 2017. On this news, the price of Welbilt’s stock fell by 27% over the next two trading sessions, closing at $14.00 on November 8, 2018, and has yet to recover.
Welbilt Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, 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.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190319005871/en/
CONTACT: Leonid Kandinov
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA FLORIDA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 03/19/2019 04:14 PM/DISC: 03/19/2019 04:14 PM