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Investor Alert: Kaplan Fox Investigates Hamilton Beach For Potential Accounting Fraud

NEW YORK, June 10, 2020 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Hamilton Beach Brands Holding Company ("Hamilton Beach" or the "Company") (NYSE: HBB).  A complaint has been filed against the Company on behalf of investors that purchased or acquired Hamilton Beach securities between February 27, 2020 and May 8, 2020, inclusive (the "Class Period").

On May 11, 2020, Hamilton Beach issued a press release announcing that it has discovered certain accounting irregularities at its Mexican subsidiary and that the Company's Audit Review Committee has launched an internal investigation.  Specifically, the press release states "[d]uring the quarter, the Company discovered 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."  As a result, Hamilton Beach also indicated that it would be unable to timely file its quarterly report on Form 10-Q for the quarter ended March 31, 2020.

Following these disclosures, Hamilton's stock price fell $1.03 per share, or 8.99%, to close at $10.43 per share on May 11, 2020.

If you are a member of the proposed Class, you may move the court July 21, 2020 to serve as a lead plaintiff for the purported class.  You need not seek to become a lead plaintiff in order to share in any possible recovery.  If you would like to discuss the complaint or our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 646-315-9003.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com.  If you have any questions about this Notice, your rights, or your interests, please contact:

Donald R. Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(646) 315-9003
E-mail: dhall@kaplanfox.com

Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com

 

Cision

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SOURCE Kaplan Fox & Kilsheimer LLP