NEW YORK, Dec. 29, 2021 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Redwire Corporation f/k/a Genesis Park Acquisition Corp. ("Redwire" or the "Company") (NYSE: RDW). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Redwire and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 2, 2021, Genesis Park Acquisition Corp., a special purpose acquisition company, combined with certain entities and renamed Redwire. Then, on November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings result, disclosing that it "was notified by an employee of potential accounting issues at a business subunit" and that the Company's Audit Committee was investigating the allegations. On this news, Redwire's stock price fell $1.92 per share, or 16%, to close at $9.99 per share on November 10, 2021.
Then, on November 15, 2021, Redwire announced that it could not timely file its quarterly report for the period ended September 30, 2021. The Company advised that due to the pending investigation into the accounting issues at a business subunit, "the Company has not been able to finalize its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and any impact" on the report. On this news, Redwire's stock price fell $0.93 per share, or 8.3%, over the following two trading sessions to close at $10.32 per share on November 16, 2021.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomlaw.com.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP
