NEW YORK, July 28, 2017 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Flowserve Corporation ("Flowserve" or the Company") (NYSE: FLS). Such investors are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/fls.
The investigation concerns whether Flowserve and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 27, 2017, after-market hours, Flowserve revealed its financial and operating results for the second quarter of 2017 and full-year outlook, falling considerably below estimates. Flowserve said that "certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017, which occurred primarily at two non-U.S. sites, and principally involved certain inventory and accounts receivable balances" and that it "has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions." The Company also said that it "has determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter. The company intends to institute remediation plans as a result of these errors. The cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million." Following this news, Flowserve stock dropped $6.12 per share, or 13.2%, during intraday trading on July 28, 2017.
If you are aware of any facts relating to this investigation, or purchased shares of Flowserve, you can assist this investigation by visiting the firm's site: www.bgandg.com/fls. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | info@bgandg.com
View original content with multimedia:http://www.prnewswire.com/news-releases/shareholder-alert-bronstein-gewirtz--grossman-llc-announces-investigation-of-flowserve-corporation-fls-300496135.html
SOURCE Bronstein, Gewirtz & Grossman, LLC
