NEW YORK, May 19, 2015 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in MasTec, Inc. (“MasTec” or the “Company”) (NYSE:MTZ) of the July 6, 2015 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against MasTec and certain executives.
A complaint has been filed in the Southern District of Florida on behalf of all persons who purchased or acquired MasTec securities between August 12, 2014 and March 17, 2015, inclusive (the “Class Period”).
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its internal control over financial reporting.
Specifically, the action alleges that during the Class Period, the Company failed to disclose that (1) certain cost to complete estimates recognized during the third quarter of 2014, currently believed to be in the range of zero to $13 million, should have been recognized during the second quarter of 2014; and (2) MasTec’s internal control over financial reporting was ineffective.
On March 2, 2015, through the submission of a Form 12b-25, MasTec notified the SEC that it would delay the filing of its annual report for the period ended December 31, 2014. Then on March 17, 2015, the Company announced a further delay in the filing as a result of an ongoing independent internal investigation.
Following this news, the price of MasTec stock declined by $1.88, or over 9.5%, to close at $17.82 on March 18, 2015.
Request more information now by clicking here: www.faruqilaw.com/MTZ. There is no cost or obligation to you.
Take Action
If you invested in MasTec stock, options or bonds between August 12, 2014 and March 17, 2015 and would like to discuss your legal rights, visit www.faruqilaw.com/MTZ. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding MasTec’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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