Glancy
Prongay & Murray announces an expanded class period in the
putative class action filed on behalf of investors of Global Power
Equipment Group, Inc. (“Global Power” or the “Company”) (NYSE:GLPW) who
purchased shares between March 17, 2014 and May 6, 2015 inclusive
(the “Class Period”). Global Power investors have until July 13, 2015
to file a lead plaintiff motion. If you acquired Global Power securities
prior to May 6, 2015, if you have information or would like to learn
more about these claims, or have any questions concerning this
announcement, please contact Lesley
Portnoy, of Glancy Prongay & Murray, 1925 Century Park East, Suite
2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://www.glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
Global Power is a Texas-based design, engineering and manufacturing firm
providing an array of equipment and services to the global power
infrastructure, energy and process industries.
The Complaint alleges that 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, 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 financial statements were materially false and
misleading at all relevant times.
On May 6, 2015 after the close of the market, Global Power announced the
delay in 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.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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