Welbilt, Inc. The Law Offices of Vincent Wong announce that a class action lawsuit has been commenced in the United States District Court for the Middle District of Florida on behalf of investors who purchased Welbilt, Inc. (NYSE: WBT) securities between February 24, 2017 and November 2, 2018.
According to the Welbilt lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (i) the Company lacked effective internal control over financial reporting; (ii) the Company was incorrectly recording the tax basis of foreign subsidiaries and the amortization of their intangible assets; and (iii) as a result of the foregoing, Defendants’ statements about Welbilt’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. On November 5, 2018, Welbilt filed a Form 8-K for its Q3 2018, stating that “During the third quarter of 2018, the Company identified errors in the tax basis of a foreign subsidiary and incorrect amortization of the intangible assets held by the same entity… In addition, the Company discovered certain intercompany transactions were not recorded on a timely basis.” As a result of these errors, Welbilt announced that “the consolidated financial statements of the Company as of and for the year ended December 31, 2016 will be restated, and as of and for the years ended December 31, 2015 and 2017 are expected to be revised.
If you suffered a loss in Welbilt you have until February 11, 2019 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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