NEW YORK, May 14, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Global Power Equipment Group Inc. (“Global Power” or the “Company”) (NYSE:GLPW) and certain of its officers. The class action, filed in United States District Court, Northern District of Texas, is on behalf of a class consisting of all persons or entities who purchased Global Power securities between March 9, 2015 and May 6, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”).
If you are a shareholder who purchased Global Power securities during the Class Period, you have until July 13, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
Global Power is a comprehensive provider of custom engineered equipment, and modification and maintenance services for customers in the energy, infrastructure and process and industrial segments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (2) the Company lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On May 6, 2015, Global Power issued a press release after close of trading announcing that it will restate its financial results for the annual period ended December 31, 2014. On that same day, the Company filed a Form 8-K with the SEC further expanding on its restatement of its financial results for the annual period ended December 31, 2014.
On this news, shares of Global Power fell $4.05 per share or over 33% to close at $8.19 per share on May 7, 2015, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.