NEW YORK, Feb. 04, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Welbilt, Inc. (“Welbilt” or the “Company”) (NYSE: WBT) of the February 11, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Welbilt stock or options between February 24, 2017, and November 2, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/WBT . There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com .
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Middle District of Florida on behalf of all those who purchased Welbilt securities between February 24, 2017, and November 2, 2018 (the “Class Period”). The case, Schlimm v. Welbilt, Inc. et al. , No. 18-cv-03007 was filed on December 13, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal control over financial reporting; (ii) the Company was incorrectly recording the tax basis of foreign subsidiaries and the amortization of their intangible assets; and (iii) as a result of the foregoing, the Company’s statements about Welbilt’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, on November 5, 2018, before the market open, Welbilt filed a current report on Form 8-K with the SEC announcing non-reliance on previously issued financial statements (the “November 2018 Form 8-K”). Therein, the Company discovered certain intercompany transactions were not recorded on a timely basis
After the announcement, Welbilt’s share price fell from $24.38 per share on November 2, 2018 to a closing price of $19.32 on November 5, 2018—a $5.06 or a 26.19% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Welbilt’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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