NEW YORK, Jan. 15, 2020 (GLOBE NEWSWIRE) -- Pawar Law Group announces that a class action lawsuit has been filed on behalf of shareholders who purchased shares of Mohawk Industries, Inc. (MHK) from April 28, 2017 through July 25, 2019, inclusive (the “Class Period”). The lawsuit seeks to recover damages for Mohawk Industries, Inc. investors under the federal securities laws.
According to the lawsuit, defendants throughout the Class Period made false and/or misleading statements and/or failed to disclose that: (1) Mohawk was engaging in fraudulent channel stuffing; (2) Mohawk’s statements regarding sales growth and the demand for its conventional flooring products were false and misleading; (3) the Company falsely assured stockholders about its increasing accounts receivable and inventory levels during the Class Period by falsely attributing those increases to external factors like rising raw material costs and inflation; and (4) as a result of the foregoing, defendants’ statements about its business and operations were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than March 3, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
No class has been certified. Until a class is certified, you are not represented by counsel unless you hire one. You may hire counsel of your choice. You may also do nothing at this time and be an absent member of the class. Your ability to share in any future recovery is not dependent upon being a lead plaintiff.
Pawar Law Group represents investors from around the world. Attorney advertising. Prior results do not guarantee or predict a similar outcome with respect to any future matter.
Vik Pawar, Esq.
Pawar Law Group
20 Vesey Street, Suite 1410
New York, NY 10007
Tel: (917) 261-2277
Fax: (212) 571-0938