Globe Newswire 9-Nov-2018 10:50 PM
NEW ORLEANS, Nov. 09, 2018 (GLOBE NEWSWIRE) -- Kahn Swick & Foti, LLC ("KSF") and KSF partner, former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have until January 8, 2019 to file lead plaintiff applications in a securities class action lawsuit against Welbilt, Inc. (NYSE:WBT), if they purchased the Company's shares between February 24, 2017 and November 2, 2018, inclusive (the "Class Period"). This action is pending in the United States District Court for the Middle District of Florida.
What You May Do
If you purchased shares of Welbilt and would like to discuss your legal rights and how this case might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (firstname.lastname@example.org), or visit https://www.ksfcounsel.com/cases/nyse-wbt/ to learn more. If you wish to serve as a lead plaintiff in this class action, you must petition the Court by January 8, 2019.
About the Lawsuit
Welbilt and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 5, 2018, the Company disclosed that it would be restating its YE December 31, 2016 financial statements and was expecting to revise its statements for YE December 31, 2015 and 2017 because "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."
On this news, the price of Welbilt's shares plummeted.
About Kahn Swick & Foti, LLC
KSF, whose partners include the former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities, antitrust and consumer class actions, along with merger & acquisition and breach of fiduciary litigation against publicly traded companies on behalf of shareholders. The firm has offices in New York, California and Louisiana.
To learn more about KSF, you may visit www.ksfcounsel.com.
Kahn Swick & Foti, LLC
Lewis Kahn, Managing Partner
1100 Poydras St., Suite 3200
New Orleans, LA 70163
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