NEW YORK, NY / ACCESSWIRE / July 28, 2017 / Pomerantz LLP is investigating claims on behalf of investors of Flowserve Corporation ("Flowserve" or the "Company") (NYSE: FLS). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Flowserve Corporation and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On July 27, 2017, post-market, Flowserve announced financial and operating results for the second quarter of 2017 and a full-year outlook that fell significantly below estimates. The Company also advised investors that "certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017, which occurred primarily at two non-U.S. sites, and principally involved certain inventory and accounts receivable balances" and that Flowserve "has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions." In addition, Flowserve advised investors that it "has determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter. The company intends to institute remediation plans as a result of these errors. The cumulative effect of the changes to retained earnings as of March 31, 2017 was a reduction of approximately $30 million."
On this news, Flowserve's share price has fallen as much as $6.12, or 13.2%, during intraday trading on July 28, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
