NEW YORK, May 22, 2015 (GLOBE NEWSWIRE) -- Pomerantz LLP announces that a class action lawsuit has been filed against MasTec, Inc. (“MasTec” or the “Company”) (Nasdaq:MTZ) and certain of its officers. The class action, filed in United States District Court, Southern District of Florida, and docketed under 15-cv-21740, is on behalf of a class consisting of all persons or entities who purchased MasTec securities between August 12, 2014 and March 17, 2015 inclusive (the “Class Period”). This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the “Exchange Act”) and Section 17(b) of the Securities Act of 1933.
If you are a shareholder who purchased MasTec securities during the Class Period, you have until July 6, 2015 to ask the Court to appoint you as Lead Plaintiff for the class. A copy of the Complaint can be obtained at www.pomerantzlaw.com. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll free, x237. Those who inquire by e-mail are encouraged to include their mailing address, telephone number, and number of shares purchased.
MasTec, Inc., an infrastructure construction company, provides engineering, building, installation, maintenance, and upgrade services for energy, utility, and communications infrastructure primarily in the United States. It operates in five segments: Communications, Oil and Gas, Electrical Transmission, Power Generation and Industrial, and Other. The Company builds pipelines for natural gas, crude oil, and refined product transportation; underground and overhead distribution systems comprising trenches, conduits, and cable and power lines that provide wireless and wireline communications; electrical power generation, transmission, and distribution systems; power generation infrastructure, including renewable energy; heavy industrial plants; and compressor and pump stations, and treatment plants. It also installs electrical and other energy distribution and transmission systems, power generation facilities, buried and aerial fiber optic cables, coaxial cables, copper lines, and satellite dishes in various environments.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements regarding the Company’s financial performance. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (1) certain cost to complete estimates, currently believed to be in the range of zero to $13 million, which were recognized during the company’s third quarter of 2014, should have been recognized during the second quarter of 2014; (2) MasTec’s internal control over financial reporting was ineffective; and (3) as a result of the foregoing, MasTec’s public statements were materially false and misleading at all relevant times.
On March 2, 2015, the Company filed a Form 12b-25 with the SEC, notifying the SEC that it would delay the filing of its Annual Report on Form 10-K for the period ended December 31, 2014. In the filing, the Company stated, in part: “The subject annual report...will be filed on or before the fifteenth calendar day following the prescribed due date.”
On March 17, 2015, after the close of trading, the Company issued a press release, announcing a further delay in filing its 2014 Form 10-K. As a result of this news, shares of MasTec fell $1.88 or over 9.5% on unusually heavy volume, to close at $17.82 on March 18, 2015.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, 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.