Global Power Equipment Group Inc.
Block & Leviton Announces That It Has Filed A Class Action Lawsuit Against Global Power Equipment Group Inc. With An Extended Class Period Covering More Investors
Block & Leviton LLP has filed a class action lawsuit against Global Power Equipment Group, Inc. ("Global Power" or the "Company") (NYSE: GLPW) following the Company's announcement that it would restate certain of its financial statements because of accounting errors affecting its fourth quarter of and year end 2014. The lawsuit was filed in the United States District Court for the Northern District of Texas and is captioned Budde v. Global Power Equipment, Inc., et al., No. 3:15-cv-2120 (N.D. Tex.). The lawsuit affects all investors in Global Power securities purchased between March 17, 2014, and May 6, 2015, inclusive (the "Class Period").
More specifically, on May 6, 2015, Global Power filed a Form 8-K with the SEC indicating that its Audit Committee determined that the Company's financial statements for year-end 2014 should no longer be relied upon due to an understatement in the Company's cost of sales contained in its 2014 quarterly and annual reports. The Company also withdrew its previously issued earnings guidance for 2015. On this news, the price of the Company's shares plummeted 33% to close at $8.19 per share, down from $12.24. The stock has since traded as low as $7.42 per share, a new 52-week low which represented a loss of approximately 40% of Global Power's pre-announcement value. Collectively, shareholders have lost tens of millions of dollars.
If you wish to serve as a lead plaintiff, you must move the Court no later than July 13, 2015. As a member of the class, you may seek to file a motion to serve as a lead plaintiff or take no action and remain an absent class member. If you have questions about your legal rights, want to know how the longer Class Period will affect you, would like a copy of the complaint or if you have information relevant to this lawsuit, please contact attorney Steven Harte of Block & Leviton LLP, www.blockesq.com, at (617) 398-5600 or at Steven@blockesq.com.
Confidentiality to whistleblowers or others with information relevant to the lawsuit is assured.