NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a class action lawsuit has been filed against Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT) and certain of its officers, on behalf of shareholders who purchased or otherwise acquired Welbilt securities between February 24, 2017 and November 2, 2018, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm’s site: bgandg.com/wbt.
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 Complaint 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.
On November 5, 2018, Welbilt filed a Form 8-K for its 2018 third quarter, and stated that “During the third quarter of 2018, the Company identified errors in the tax basis of a foreign subsidiary and incorrect amortization of the intangible assets held by the same entity… In addition, the Company discovered certain intercompany transactions were not recorded on a timely basis.” Consequently, Welbilt said that “the consolidated financial statements of the Company as of and for the year ended December 31, 2016 will be restated, and as of and for the years ended December 31, 2015 and 2017 are expected to be revised.” Following this news, Welbilt stock dropped.
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: bgandg.com/wbt 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 Welbilt you have until January 8, 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 | info@bgandg.com