BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Mueller Water Products, Inc. (“Mueller Water Products” or the “Company”) (NYSE: MWA) securities between May 9, 2016, and August 6, 2018, inclusive (the “Class Period”). Mueller Water Products investors have until June 10, 2019 to file a lead plaintiff motion.
Investors suffering losses on their Mueller Water Products investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to email@example.com.
On April 27, 2017, in connection with its second quarter 2017 financial results, the Company disclosed that its radio products produced between 2011 and 2014 had been failing prematurely, resulting in a $9.8 million warranty charge.
On this news, the Company’s share price fell $1.43 per share, more than 11%, to close at $11.25 per share on April 28, 2017, thereby injuring investors.
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 share price fell $0.74 per share, or 6%, to close at $11.58 per share on August 7, 2018, thereby injuring investors further.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose: (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.
If you purchased shares of Mueller Water Products, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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