NEW YORK, Nov. 12, 2018 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Welbilt, Inc. (“Welbilt” or the “Company”) (: WBT) in the United States District Court for the Middle District of Florida on behalf of a class consisting of investors who purchased or otherwise acquired securities of Welbilt between February 24, 2017 and November 2, 2018, both dates inclusive (the “Class Period”), seeking to recover damages caused by Defendants’ violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated thereunder.
The Complaint alleges Welbilt 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.
Investors who purchased or otherwise acquired shares during the Class Period should contact the Firm prior to the January 8, 2019 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
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