BENSALEM, Pa., Feb. 05, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the February 11, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT) securities between February 24, 2017 and November 2, 2018, inclusive (the ''Class Period''). Welbilt investors have until February 11, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Welbilt investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 5, 2018, Welbilt disclosed that the Company’s financial statements for fiscal years 2016 and 2017 should no longer be relied upon due to “errors primarily relate to the computation of income taxes.” The Company also disclosed that “certain intercompany transactions were not recorded on a timely basis.”
On this news, the Company’s stock price fell $5.06 to close at $14.26 per share on November 5, 2018, thereby injuring investors.
The Complaint filed in this class action 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.
If you purchased shares of Welbilt during the Class Period you may move the Court no later than February 11, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at http://www.howardsmithlaw.com.
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Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com