SAN DIEGO and IRVING, Texas, May 19, 2015 /PRNewswire/ -- Shareholder rights law firm 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.
View this information on the law firm's Shareholder Rights Blog:
www.robbinsarroyo.com/shareholders-rights-blog/global-power-equipment-group-inc
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, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contact:
Darnell R. Donahue
Robbins Arroyo LLP
600 B Street, Suite 1900
San Diego, CA 92101
DDonahue@robbinsarroyo.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
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SOURCE Robbins Arroyo LLP
