Global Power Equipment Group, Inc. investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Global Power designs, engineers and manufactures a broad array of equipment and services to the global power infrastructure, energy and process industries and provides custom engineered equipment, and modification and maintenance services in the United States, Canada, Europe, Mexico, Asia, the Middle East, South America, and internationally.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (1) the company’s cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (2) the company lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, the company’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
According to the complaint, on March 20, 2015, Defendant Ramirez abruptly resigned from his positions as the company’s Chief Executive Officer, President and Director. On May 6, 2015, Global Power issued a press release after close of trading announcing that it will restate its financial results for the annual period ended December 31, 2014.
Following this news, shares of Global Power fell $4.05 per share or over 33% to close at $8.19 per share on May 7, 2015.
If you are a member of the class described above, you may no later than July 13, 2015, move the Court to serve as lead plaintiff of the class, if you so choose.
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. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706