NEW YORK, May 14, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Northern District of Texas on behalf of those who purchased shares of Global Power Equipment Group Inc. ("Global Power" or the "Company") (NYSE: GLPW), during the period between March 9, 2015 and May 6, 2015 inclusive (the "Class Period").
The complaint alleges that during the Class Period, defendants made false and misleading statements and failed to disclose the following (i) the Company's cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (ii) the Company lacked adequate internal controls over its financial reporting; and (iii) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
On May 6, 2015, the Company announced in an Securities and Exchange Commission ("SEC") filing that, "[i]t will delay the filing of its Form 10-Q for the first quarter of 2015 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 at this time. 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."
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Global Power during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email info@bgandg.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Global Power you have until July 13, 2015 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 Eitan Kimelman 212-697-6484
info@bgandg.com
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