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New York, New York--(Newsfile Corp. - March 21, 2021) - Pomerantz LLP is investigating claims on behalf of investors of Accel Entertainment, Inc. ("Accel" or the "Company") (NASDAQ: ACEL). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 7980.
The investigation concerns whether Accel and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On March 16, 2020, Accel filed a notice with the U.S. Securities and Exchange Commission advising investors that certain of the Company's "audited and unaudited condensed consolidated financial statements should no longer be relied upon." Accel's notice stated that "after discussion with KPMG LLP, its independent registered public accounting firm ('KPMG'), the Company's management reevaluated the accounting treatment of certain previously disclosed earn-out arrangements issued in connection with the 2019 business combination with TPG Pace Holdings Corp., a special purpose acquisition company." Accordingly, "[o]n March 14, 2021, after discussion with KPMG, the Company's management and the Audit Committee concluded that it is appropriate to correct such errors in its previously issued (i) audited consolidated financial statements as of and for the year ended December 31, 2019, (ii) unaudited condensed consolidated statements of operations for the three months ended March 31, 2020, and the three-month and year-to-date periods ended June 30, 2020 and September 30, 2020, and (iii) unaudited condensed consolidated balance sheets as of March 31, 2020, June 30, 2020 and September 30, 2020 (collectively the 'Relevant Periods') by restating such audited and unaudited condensed consolidated financial information because the errors were material to the financial information for each of the Relevant Periods."
On this news, Accel's stock price fell $0.44 per share, or 3.7%, to close at $11.44 per share on March 17, 2021.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 7980
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