CEDARHURST, N. Y., — The securities litigation law firm of Kuznicki Law PLLC issues the following notice on behalf of shareholders of the following publicly traded companies. Shareholders who purchased shares in these companies during the dates listed below are encouraged to contact the firm regarding possible appointment as lead plaintiff and a preliminary estimate of their recoverable losses.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No classes have yet been certified in the actions below. Appointment as lead plaintiff is not required to partake in any recovery.
Welbilt, Inc. (NYSE: WBT)
Investors Affected: February 24, 2017 – November 2, 2018
A class action has commenced on behalf of certain shareholders in Welbilt, Inc. The filed complaint alleges that defendants made materially 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.”
Shareholders may find more information at https://kseclaw.com/securities/welbilt-inc/?wire=3
Tenaris S.A. (NYSE: TS)
Investors Affected: May 1, 2014 – November 27, 2018
A class action has commenced on behalf of certain shareholders in Tenaris SA. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (1) Tenaris’s CEO and Chairman, Paolo Rocca, knew that one of his company’s executives paid cash to government officials from 2009 to 2012 to expedite compensation payments for the sale of Sidor; (2) this conduct would lead to Rocca being charged in a graft scheme, and subject Tenaris, its affiliates, and/or executives to heightened governmental scrutiny; and (3) as a result, Tenaris’s public statements were materially false and/or misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
Shareholders may find more information at https://kseclaw.com/securities/tenaris-s-a-loss-form/?wire=3
XPO Logistics, Inc. (NYSE: XPO)
Investors Affected: February 26, 2014 – December 12, 2018
A class action has commenced on behalf of certain shareholders in XPO Logistics, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) XPO’s highly touted aggressive M&A strategy had yielded only minimal returns to the Company; (ii) XPO was utilizing improper accounting practices to mask its true financial condition, including, inter alia, under-reporting of bad debts and aggressive amortization assumptions; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders may find more information at https://kseclaw.com/securities/xpo-logistics-inc/?wire=3
Teladoc Health, Inc. (NYSE: TDOC)
Investors Affected: March 3, 2016 – December 5, 2018
A class action has commenced on behalf of certain shareholders in Teladoc Health, Inc. The filed complaint alleges that defendants made materially false and/or misleading statements and/or failed to disclose that: (i) Executive Vice President and Chief Operating Officer Mark Hirschhorn was engaged in an inappropriate sexual relationship with a subordinate; (ii) Hirschhorn and this subordinate engaged in insider trading to provide themselves with undue benefits; (iii) Hirschhorn caused the subordinate to receive promotions for which she was unqualified, thereby negatively impacting the Company’s operations; (iv) the Company’s enforcement of its own purported employment and trading policies were inadequate to prevent the foregoing conduct; and (v) as a result, the Company’s public statements were materially false and misleading at all relevant times.
Shareholders may find more information at https://kseclaw.com/securities/teladoc-health-inc/?wire=3
Kuznicki Law PLLC is committed to ensuring that companies adhere to responsible business practices and engage in good corporate citizenship. The firm seeks recovery on behalf of investors who incurred losses when false and/or misleading statements or the omission of material information by a Company lead to artificial inflation of the Company’s stock.