BALA CYNWYD, Pa., July 9, 2015 /PRNewswire/ -- Law Office of Brodsky & Smith, LLC announces that Global Power Equipment Group, Inc. ("Global Power" or the "Company") (NYSE: GLPW) investors who purchased shares between March 17, 2014 and May 6, 2015, inclusive (the "Class Period") have just until July 13, 2015 to file a lead plaintiff motion.
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Global Power is a Texas-based design, engineering and manufacturing firm providing a broad array of equipment and services to global power infrastructure, energy and process industries.
On May 6, 2015, Global Power announced a delay in the filing of its Form 10-Q for the first quarter of 2015, and that the Company would restate its financial results for the annual period ending December 31, 2014. In addition the Company withdrew its previously issued guidance for 2015. The reason for the delay were errors identified by the Company's Audit Committee that resulted in, "an understatement of the Company's cost of sales in the quarterly and annual periods ended December 31, 2014." On this news, shares of Global Power declined $4.05 per share, or 33%, to close on May 7, 2015 at $8.19 per share.
As a result, a Complaint, seeking to pursue remedies under the Securities Exchange Act of 1934 (the "Exchange Act"), was filed. The Complaint alleges that the 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, 2004 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.
If you purchased shares of Global Power common stock during the Class Period and wish to discuss this action, or if you have any questions, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, by visiting http://brodsky-smith.com/960-glpw-global-power-equipment-group-inc.html, or calling toll free 877-LEGAL-90.
Brodsky & Smith, LLC is a litigation law firm with extensive expertise representing shareholders throughout the nation in securities and class action lawsuits. The attorneys at Brodsky & Smith have been appointed by numerous courts throughout the country to serve as lead counsel in class actions and successfully recovered millions of dollars for our clients and shareholders.
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