NEW YORK, May 14, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Mueller Water Products, Inc. (“Mueller” or the “Company”) (NYSE:MWA) of the June 10, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Mueller stock or options between May 9, 2016 and August 6, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/MWA. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Mueller securities between May 9, 2016 - August 6, 2018 (the “Class Period”). The case, Chapman v. Mueller Water Products, Inc. et al., No. 19-cv-03260 was filed on April 11, 2019, and has been assigned to Judge Katherine Polk Failla.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company lacked adequate testing for product quality; (2) that certain products with radio components were susceptible to fail prematurely; (3) that, as a result, the Company was reasonably likely to incur increased expenses, including warranty costs; (4) that these costs would materially impact the Company’s financial statements; (5) that the Company lacked adequate internal controls over warranty costs and estimates; and (6) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
On April 27, 2017, Mueller Water Products issued a press release entitled "Mueller Water Products Reports 2017 Second Quarter Results." Therein, the Company disclosed that certain of Mueller Technologies' products had been failing prematurely, resulting in a $9.8 million warranty charge.
On this news, the Company’s stock price fell from $12.68 per share on April 27, 2017 to $11.25 per share on April 28, 2017—a $1.43 or 11.28% drop.
Then, on August 6, 2018, in connection with its third quarter 2018 financial results, the Company reported a $14.1 million warranty charge.
On this news, the Company's stock price fell from $12.49 per share on August 6, 2018 to $11.74 per share on August 7, 2018—a $0.75 or 6.00% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Mueller’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.