SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Global Power Equipment Group Inc. – GLPW

NEW YORK, NY / ACCESSWIRE / May 6, 2015 / Pomerantz LLP is investigating claims on behalf of investors of Global Power Equipment Group Inc. (“Global Power” or the “Company”) (NYSE: GLPW). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 237.

The investigation concerns whether Global Power and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. 

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.”

On this news, shares of Global Power fell $0.70 per share, to $11.54, or more than 5.72%, in after-hours trading on May 6, 2015.

The Pomerantz Firm, with offices in New York, Chicago, Los Angeles and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.

SOURCE: Pomerantz LLP

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