Law Offices of Howard G. Smith announces an investigation on behalf of Dril-Quip, Inc. (“Dril-Quip” or the “Company”) (NYSE: DRQ) investors concerning the Company’s possible violations of federal securities laws.
On July 8, 2024, Dril-Quip disclosed that it had “misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan.” The Company stated that it would restate consolidated financial statements for the affected period and would “disclose a material weakness in its internal control over financial reporting.”
On this news, Dril-Quip’s stock price fell $1.76, or 9.9%, to close at $16.01 per share on July 9, 2024, thereby injuring investors.
If you purchased Dril-Quip securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847 or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20240805928559/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
