NEW YORK, NY / ACCESSWIRE / December 22, 2024 / Pomerantz LLP announces that a class action lawsuit has been filed against DMC Global Inc. ("DMC" or the "Company") (NASDAQ:BOOM). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, (or 888.4-POMLAW), toll-free, Ext. 7980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
The class action concerns whether DMC and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
You have until February 4, 2025, to ask the Court to appoint you as Lead Plaintiff for the class if you are a shareholder who purchased or otherwise acquired DMC securities during the Class Period. A copy of the Complaint can be obtained at www.pomerantzlaw.com.
[Click here for information about joining the class action]
On October 21, 2024, DMC issued a press release announcing a revision to its financial guidance for its third fiscal quarter ending September 30, 2024, now anticipating adjusted EBITDA of only approximately $5 million, significantly down from its previous guidance of $15 million to $18 million. DMC further disclosed that its third quarter financial results would include inventory and bad debts charges of approximately $5 million at its DynaEnergetics manufacturing business, lower fixed overhead absorption on reduced sales at both its Arcadia and DynaEnergetics manufacturing businesses, and an approximate $142 million non-cash goodwill impairment charge associated with its acquisition of a controlling interest in Arcadia in December 2021.
On this news, DMC's stock price fell $2.36 per share, or 18.25%, to close at $10.57 per share on October 22, 2024.
Then, on November 4, 2024, DMC issued a press release announcing its financial results for its third fiscal quarter ending September 30, 2024. Among other results, the Company reported third quarter sales of $152.4 million, down 11% sequentially and year-over-year, as well as the previously disclosed non-cash goodwill impairment charge.
On this news, DMC's stock price fell $0.59 per share, or 6%, to close at $9.25 per share on November 5, 2024.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
Attorney advertising. Prior results do not guarantee similar outcomes.
SOURCE: Pomerantz LLP
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