Global Power Equipment Group Inc.
Robbins Arroyo LLP: Global Power Equipment Group Inc. (GLPW) Misled Shareholders According to a Recently Filed Class Action
Robbins Arroyo LLP announces that an investor of Global Power Equipment Group Inc. (NYSE: GLPW) has filed a federal securities fraud class action complaint in the U.S. District Court for the Northern District of Texas. The complaint alleges that the company and certain of its officers and directors violated the Securities Exchange Act of 1934 between March 9, 2015 and May 6, 2015. Global Power Equipment Group provides custom engineered equipment, and modification and maintenance services for customers in the energy, infrastructure and process and industrial segments.
Global Power Misrepresents Its Costs of Sales
According to the complaint, defendants made materially false and misleading statements and failed to disclose material adverse facts about Global Power’s costs of sales in the company’s financial statements for the annual period ended December 31, 2014. Specifically, on May 6, 2015, Global Power announced that its previously released financial statements for the period were unreliable because of accounting errors and would be restated. On this news, shares of Global Power fell $4.05, or over 33%, to close at $8.19 per share on May 7, 2015.
Global Power Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.