NEW YORK, June 24, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP reminds investors that a class action lawsuit has been filed in the United States District Court for the Southern District of Florida on behalf of a class (the “Class”) of investors who purchased securities of MasTec, Inc. (“MasTec” or the “Company”) (NYSE:MTZ) between August 12, 2014 and March 17, 2015 inclusive (the “Class Period”). Wolf Haldenstein encourages all shareholders who suffered losses of $100,000 or greater on common stock purchased within the Class Period to contact us immediately at classmember@whafh.com or (800) 575-0735.
The filed Complaint alleges that throughout the Class Period, defendants made materially false and/or misleading statements regarding the Company’s financial performance and 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 controls over financial reporting were ineffective; and (3) as a result of the foregoing, the Company’s public statements were materially false and misleading at all relevant times.
On March 2, 2015, the Company filed a Form 12b-25 to inform the Securities and Exchange Commission (“SEC”) that it would delay the filing of its Annual Report on Form 10-K for the period ended December 31, 2014.
On March 17, 2015, the Company issued a press release after the close of trading announcing another delay in filing its 2014 Form 10-K. Upon 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.
If you purchased MasTec securities during the Class Period, you may, no later than July 6, 2015, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of all class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “MasTec Investigation.”
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