NEW YORK, NY / ACCESSWIRE / February 15, 2020 / Pomerantz LLP is investigating claims on behalf of investors of Matrix Service Company ("Matrix" or the "Company") (MTRX). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Matrix and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 6, 2020, Matrix announced its financial and operating results for the second fiscal quarter and disclosed that it had recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. In a press release, Matrix stated that "the impairment of the goodwill was due to the financial performance of portions of the power delivery business that led to depressed gross margins, which accelerated during the second quarter." As a result, Matrix advised investors that it is "implementing significant changes to the operations and management of its Electrical Infrastructure segment, including changes to leadership, modifications to operational processes, changes to mid-level operational personnel, and increased business development resources."
On this news, Matrix's stock price fell $7.00 per share, or 35.26%, closing at $12.85 per share on February 6, 2020.
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.
SOURCE: Pomerantz LLP
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