Mueller Water Products, Inc. (MWA) Bronstein, Gewirtz & Grossman, LLC Announces Class Action and Lead Plaintiff Deadline: June 10, 2019
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC announces investors that a class action lawsuit has been filed against Mueller Water Products, Inc. (NYSE: MWA) (“Mueller Water Products” or the “Company”) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Mueller Water Products securities between May 9, 2016, and August 6, 2018, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: www.bgandg.com/mwa.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
On April 27, 2017, in connection with its second quarter 2017 financial and operating results, 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’ stock price fell $1.43 per share, or 11.28%, to close at $11.25 per share on April 28, 2017, on unusually heavy trading volume.
Then, on August 6, 2018, in connection with its third quarter 2018 financial and operating results, Mueller Water Products reported a $14.1 million warranty charge. On this news, Mueller Water Products’ stock price fell $0.75 per share, or 6%, to close at $11.74 per share on August 7, 2018, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company lacked adequate testing for product quality; (2) that certain products with radio components were susceptible to fail prematurely; (3) that, as a result, the Company was reasonably likely to incur increased expenses, including warranty costs; (4) that these costs would materially impact the Company’s financial statements; (5) that the Company lacked adequate internal controls over warranty costs and estimates; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: www.bgandg.com/mwa or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered a loss in Flex you have until June 10, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | firstname.lastname@example.org