TheGrantLawFirm, PLLC (the “GrantFirm”) is investigating a potential
securities fraud class action against MasTec, Inc. (“MasTec” or the
“Company”) (NYSE:MTZ) and its auditors, on behalf of purchasers during
the period between August 12, 2014 and May 11, 2015 (“Class Period”).
The investigation focuses on whether the Company violated GAAP by
improperly recognizing “certain cost to complete estimates”.
On February 26, 2015, MasTec announced its 2014 fourth quarter and
annual results and that its audit committee was reviewing whether the
Company properly recorded costs to complete estimates. The announcement
also indicated that MasTec expected to file its 2014 10-K by March 17,
2015.
On March 17, 2015, the Company issued a press release stating that it
would not be able to timely file its 2014 Form 10-K and that the Audit
Committee was “undertaking additional review of accounting estimates.”
As a result of this news, shares of MasTec fell $1.88 or over 9.5% on
unusually heavy volume, to close at $17.82 on March 18, 2015. On May 11,
2015, MasTec announced further delays related to the Company’s 10-Q for
the first quarter 2015, stating that it “cannot predict the outcome of
the Investigation, its ultimate scope or when it will be completed.” The
next day, shares of MasTec fell $2.26 or over 12.2% on unusually heavy
volume, to close at $16.19.
If you would like to discuss this investigation with us, please contact
Jorge Amador at 212-292-4449/jamador@grantfirm.com or Lynda J. Grant at
212-292-4441/lgrant@grantfirm.com. Jorge Amador is a forensics
accounting expert and class action attorney who is a native Spanish
speaker. Lynda J. Grant has been representing wronged investors for over
30 years, and was recently selected as a New York Metro Super Lawyer in
2014 and 2015.
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