Global Power Equipment Group Inc. Securities Litigation
On or around 09/16/2019 (Other)
Filing Date: May 13, 2015
According to the law firm press release, the lawsuit alleges defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company’s cost of sales in its financial statements for the annual period ended December 31, 2014 were understated; (2) the Company lacked adequate internal controls over its financial reporting; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
On July 29, 2015, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on March 1, 2017 and a second amended Complaint on May 1. Defendants filed a Motion to Dismiss the second amended Complaint on June 26. On December 27, 2017, the Court issued an Order granting Defendants' Motions to Dismiss. Plaintiffs were given leave to file an amended Complaint. Plaintiffs filed an amended Complaint on January 15, 2018. Defendants filed a Motion to Dismiss the amended Complaint on February 12. On September 11, the Court issued an Order granting Defendants' Motion to Dismiss, dismissing the Complaint with prejudice and entering final judgment. On that same day, Lead Plaintiff filed a notice appealing the District Court's decision to the Court of Appeals. The U.S. Court of Appeals case number is 18-11206 in U.S.C.A. On September 16, 2019, the Court of Appeals affirmed the District Court's decision.
Company & Securities Information
Defendant: Global Power Equipment Group Inc.
Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States
Ticker Symbol: GLPW
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Daniel Ream, et al. v. Global Power Equipment Group Inc., et al.