According to the law firm press release, 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.
Plaintiffs filed an amended complaint on October 13, 2015.
On September 29, 2016, the Court issued an Order granting Defendants' Motion to Dismiss, and this case was closed.