NEW YORK, Jan. 25, 2019 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT) and certain of its officers and directors. The class action, filed in United States District Court, Middle District of Florida, and indexed under 19-cv-00191, is on behalf of a class consisting of all behalf of persons and/or entities who purchased or otherwise acquired Welbilt securities between February 24, 2017, and November 2, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder, against the Company and certain of its top officials.
If you are a shareholder who purchased Welbilt securities between February 24, 2017, and November 2, 2018, you have until February 11, 2019, to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com . To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and the number of shares purchased.
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Welbilt was founded in 1902 and is headquartered in New Port Richey, Florida. Welbilt designs, manufactures, and supplies foodservice equipment for the global foodservice industry. Welbilt was formerly known as “Manitowoc Foodservice, Inc.” and changed its name to “Welbilt, Inc.” in February 2017.
The complaint alleges that Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Welbilt’s internal financial reporting controls were lacking and ineffective; (ii) Welbilt was incorrectly recording the tax basis, as well as amortization of intangible assets, of foreign subsidiaries; (iii) as a result of the foregoing conduct, Welbilt’s previous financial statements could not be relied upon; and (iv) as a result, the Company’s public statements were materially false and misleading at all relevant times.
On November 5, 2018, Welbilt announced in its Current report on Form 8-K with the SEC (the “November 2018 Form 8-K”) that certain of its previous financial statements should not be relied on because the Company had incorrectly recorded the tax basis of foreign subsidiaries and the amortization of their intangible assets. As a result, Welbilt had understated its U.S. tax liability.
On this news, Welbilt’s stock price fell $5.06 per share, or approximately 26.19%, to close at $14.26 per share on November 5, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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.pomerantzlaw.com .
CONTACT:
Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 9980
