WAYNE, Pa., May 15, 2015 /PRNewswire/ -- Ryan & Maniskas, LLP that a class action lawsuit has been filed in United States District Court for the Northern District of Texas on behalf of those who purchased shares of Global Power Equipment Group Inc. ("Global Power" or the "Company") (NYSE: GLPW) during the period between March 9, 2015 and May 6, 2015 inclusive (the "Class Period").

Global Power shareholders may, no later than July 13, 2015, move the Court for appointment as a lead plaintiff of the Class.  If you purchased shares of Global Power and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/glpw.   

The complaint alleges that during the Class Period, defendants made false and misleading statements and failed to disclose the following (i) the Company's cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (ii) the Company lacked adequate internal controls over its financial reporting; and (iii) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On May 6, 2015, the Company announced in an Securities and Exchange Commission ("SEC") filing that "[i]t will delay the filing of its Form 10-Q for the first quarter of 2015 and restate its financial results for the annual period ended December 31, 2014. As a result, the Company is also withdrawing its previously issued earnings guidance for 2015 at this time. On May 5, 2015, the Audit Committee of the Board of Directors of Global Power, in consultation with its outside advisors and management, concluded that the financial statements for the annual period ended December 31, 2014 should not be relied upon because of accounting errors affecting the fourth quarter of 2014 that were discovered during the first quarter 2015 financial review process. Those errors resulted in an understatement of the Company's cost of sales in the quarterly and annual periods ended December 31, 2014."

Following this news, shares of Global Power fell $4.05 per shares, over 33%, to close at $8.19 on May 7, 2015.

If you are a member of the class, you may, no later than July 13, 2015, request that the Court appoint you as lead plaintiff of the class.  A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation.  In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class.  Under certain circumstances, one or more class members may together serve as "lead plaintiff."  Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff.  You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.

For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at rmaniskas@rmclasslaw.com or visit: www.rmclasslaw.com/cases/mx.   For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.

Ryan & Maniskas, LLP is a national shareholder litigation firm.  Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.

CONTACT: Ryan & Maniskas, LLP
Richard A. Maniskas, Esquire
995 Old Eagle School Rd., Suite 311
Wayne, PA 19087
484-588-5516
877-316-3218
www.rmclasslaw.com/cases/glpw 
rmaniskas@rmclasslaw.com

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SOURCE Ryan & Maniskas, LLP