WILMINGTON, Del., May 14, 2015 /PRNewswire/ -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of Global Power Equipment Group, Inc. (NYSE: GLPW)?
- Did you purchase your shares between March 9, 2015 and May 6, 2015, inclusive?
- Did you lose money in your investment in Global Power Equipment Group, Inc.?
- Do you want to discuss your rights?
Rigrodsky & Long, P.A., including former Special Assistant United States Attorney, Timothy J. MacFall, announces that a complaint has been filed in the United States District Court for the Northern District of Texas on behalf of all persons or entities that purchased the common stock of Global Power Equipment Group, Inc. ("Global Power" or the "Company") (NYSE: GLPW) between March 9, 2015 and May 6, 2015, inclusive (the "Class Period"), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the "Complaint").
If you purchased shares of Global Power during the Class Period, or purchased shares prior to the Class Period and still hold Global Power, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to email@example.com; or at: http://rigrodskylong.com/investigations/global-power-equipment-group-inc-glpw.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company's business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public 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 public statements were materially false and misleading at all relevant times. As a result of defendants' alleged false and misleading statements, the Company's stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on May 6, 2015, Global Power issued a press release after the close of trading announcing that it will restate its financial results for the annual period ended December 31, 2014. In the release, the Company stated that "the financial statements for the annual period ended December 31, 2014 should not be relied upon because of accounting errors affecting the fourth quarter of 2014 that were discovered during the first quarter 2015 financial review process."
On this news, shares in Global Power plummeted over 33%, closing at $8.19 per share on May 7, 2015, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than July 13, 2015. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
While Rigrodsky & Long, P.A. did not file the Complaint in this matter, the firm, with offices in Wilmington, Delaware and Garden City, New York, regularly litigates securities class, derivative and direct actions, shareholder rights litigation and corporate governance litigation, including claims for breach of fiduciary duty and proxy violations in the Delaware Court of Chancery and in state and federal courts throughout the United States.
Attorney advertising. Prior results do not guarantee a similar outcome.
SOURCE Rigrodsky & Long, P.A.