Powell Industries POWL Lawsuit: Management Admits Overstated Earnings!
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Powell Industries must restate its financial results for the second and third quarters of 2011 due to accounting errors. Shares have dropped 20%. Our law firm seeks investors angry about these reports to bring claims for violations of securities laws.
POWL financial statements for these quarters can no longer be relied upon. According to the Powell representatives, accounting errors in recording customer change orders and erroneous journal entries, among other issues, led to the powell's overstatement of its earnings. Upon news of the errors and overstatement of these earnings POWL shares dropped 20 percent.
Powell Representatives say no one knew about these accounting errors in September. Really? It was precisely then that the company fired the CEO and hired a new Chief Accounting Officer. The timing indicates the company may have known before disclosing the errors to shareholders.
If Powell Industries management knew about these errors, they have violated Securities disclosure laws that are designed to prevent inflating the stock price. If you own POWL and are concerned call us now, ask for Attorney Bill Kyros.
Kyros Law is a Boston-based law firm with significant national experience representing investors in shareholder class actions, shareholder derivative actions, and securities fraud class actions. For info about our law firm please our Kyros Law web site.
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