LEAD PLAINTIFF DEADLINE IS JULY 21, 2020
NEW YORK, May 26, 2020 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed in the United States District Court for the Eastern District of New York on behalf of a class consisting of all persons and entities who purchased or otherwise acquired Hamilton Beach Brands Holding Company securities (“Hamilton” or the “Company”) (NYSE: HBB) between February 27, 2020, and May 8, 2020, both dates inclusive (the “Class Period”).
All investors who purchased shares of Hamilton Beach Brands Holding Company and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses in the shares of Hamilton Beach Brands Holding Company, youu may, no later than July 21, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of Hamilton Beach Brands Holding Company.
The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about Hamilton’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that:
- Hamilton had inadequate disclosure controls and procedures and internal control over financial reporting, particularly with respect to one of its Mexican subsidiaries;
- consequently, the Company’s accounting included certain irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at this Mexican subsidiary, as well as potential misconduct with respect to the reliability of certain assets of the Mexican subsidiary;
- as a result of all the foregoing, Hamilton could not accurately attest to its financial results, particularly with respect to these metrics, and was consequently at an increased risk of delaying the filing of its periodic reports with the SEC; and
- as a result, the Company’s public statements were materially false and misleading at all relevant times.
On May 11, 2020, during pre-market hours, Hamilton announced that it could not timely file its for the First Quarter of 2020 because of “certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” Hamilton further stated that its “Audit Review Committee has commenced an internal investigation” regarding “the reliability of certain assets of the Mexican subsidiary.”
Following these disclosures, Hamilton’s stock price fell $1.03 per share, or 8.99%, to close at $10.43 per share on May 11, 2020.
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 by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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