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Global Power Equipment Group Inc (NYSE: GLPW) Investor Securities Class Action Lawsuit 05/13/2015

  • If you purchased shares of Global Power Equipment Group Inc (NYSE: GLPW), you might have certain options and should contact the Shareholders Foundation, Inc.

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Lawsuit Overview

Company
Global Power Equipment Group Inc
Security
NYSE: GLPW

Case Name
Global Power Equipment Group Shareholder Class Action Lawsuit 05/13/2015
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Northern District of Texas

Class Period Begin
Class Period End
Deadline To File for Lead
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Summary

January 15, 2018 - The lead plaintiff filed a third amended complaint.
December 27, 2017 - The court granted defendants' motion to dismiss.

June 26, 2017 - Defendants filed a motion to dismiss.

May 1, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Global Power Equipment Group Inc (NYSE: GLPW) common shares between September 7, 2011 and May 6, 2015. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between September 7, 2011 and May 6, 2015.

March 1, 2017 - The lead plaintiff filed an amended complaint on behalf of investors who purchased Global Power Equipment Group Inc (NYSE: GLPW) common shares between May 1, 2012 and March 30, 2016. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between May 1, 2012 and March 30, 2016.

July 29, 2015 - Lead plaintiff and lead counsel were appointed.

July 13, 2015 - Lead plaintiff motions were filed.

May 13, 2015 - An investor in shares of Global Power Equipment Group Inc (NYSE: GLPW) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by Global Power Equipment Group Inc in connection with certain allegedly false and misleading statements made between March 9, 2015 and May 6, 2015.

According to the complaint the plaintiff alleges on behalf of purchasers of Global Power Equipment Group Inc (NYSE: GLPW) common shares between March 9, 2015 and May 6, 2015, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that that Global Power Equipment Group Inc’s cost of sales in its financial statements for the annual period ended December 31, 2014 were understated, that Global Power Equipment Group Inc lacked adequate internal controls over its financial reporting, and that as a result of the foregoing, Global Power Equipment Group Inc’s financial statements were materially false and misleading at all relevant times.

On May 6, 2015, Global Power Equipment Group Inc announced that its financial statements for the annual period ended December 31, 2014 should not be relied upon and will be restated due to errors resulting in an understatement of the Company’s cost of sales in the quarterly and annual periods ended December 31, 2014. Shares of Global Power Equipment Group Inc (NYSE: GLPW) declined on May 12, 2105, to as low as $7.57 per share.