BOSTON, May 11, 2020 (GLOBE NEWSWIRE) -- Today, Hamilton Beach Brands Holding Co. (HBB) disclosed that it could not timely file its first quarter 2020 quarterly financial report due to “certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” In addition, the Company stated that its “Audit Review Committee has commenced an internal investigation, with the assistance of outside counsel and other third party experts,” concerning “the realizability of certain assets of the Mexican subsidiary.
On this news, shares of Hamilton Beach Brands common stock plummeted by approximately 9%, or $1.03 per share, to close at just $10.43 per share on unusually heavy trading volume.
Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, announces that it has launched an investigation into potential securities fraud by Hamilton Beach Brands and certain of its officers. Investors who have lost money are encouraged to contact the firm for a free case evaluation. Please contact us at (617) 398-5600, via email at firstname.lastname@example.org, or at https://shareholder.law/hbb.
Block & Leviton LLP is a firm dedicated to representing investors and maintaining the integrity of the country’s financial markets. The firm represents many of the nation’s largest institutional investors as well as individual investors in securities litigation throughout the United States. The firm’s lawyers have recovered billions of dollars for its clients.
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