NEW YORK, May 7, 2015 /PRNewswire/ -- Milberg LLP announces that it is investigating whether Global Power Equipment Group, Inc. ("Global Power" or the "Company) (NYSE: GLPW), and certain of its officers and directors have violated federal securities laws.
On May 6, 2015, the Company filed a Form 8-K with the Securities and Exchange Commission which announced that it will delay the filing of its Form 10-Q for the first quarter of 201 and restate its financial results for the annual period ended December 31, 2014. As a result, the Company is also withdrawing its previously issued earnings guidance for 2015.
According to the filing "On May 5, 2015, the Audit Committee of the Board of Directors of Global Power, in consultation with its outside advisors and management, concluded 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. Those errors resulted in an understatement of the Company's cost of sales in the quarterly and annual periods ended December 31, 2014."
As a result of this news, Global Power shares fell $0.70 per share, or roughly 5.72% in after-hours trading on May 6.
Milberg LLP is widely recognized as a leading class action and complex litigation firm, representing individual and institutional investors, unions, consumers and business entities in their pursuit for justice. If you have any information about the Company, or if you purchased Global Power shares, and you would like to learn more about this potential matter, please contact the following attorney:
Andrei Rado, Esq.
Milberg LLP
One Pennsylvania Plaza, 49th Fl.
New York, NY 10119-0165
Phone number: (800) 320-5081
Email: contactus@milberg.com
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SOURCE Milberg LLP