Shareholder rights law firm Robbins LLP reminds investors that a purchaser of Hamilton Beach Brands Holding Company (NYSE: HBB) filed a class action complaint against the Company for alleged violations of the Securities Exchange Act of 1934 between February 27, 2020 and May 8, 2020. Hamilton designs, markets, and distributes small electric household and specialty housewares appliances.
If you suffered a loss as a result of Hamilton's misconduct, click here.
Hamilton Beach Brands Holding Company (HBB) Accused of Misleading Shareholders
According to the complaint, on February 27, 2020, Hamilton filed its annual report for 2019 and assured investors that its "disclosure controls and procedures [were] effective" as well as its internal control over financial reporting. Later that day in an earnings call, Hamilton stated that its international markets, which includes Mexico, "have generated a compound annual growth rate of more than 5% in the past five years" and went on to state that "Mexico… [has] just taken off in the past year to 18 months and the team has done a great job to be really on the forefront of that market." Contrary to these positive presentations, on May 11, 2020, Hamilton revealed that it was unable to timely file its 1Q20 10-Q because of "certain accounting irregularities with respect to the timing of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary." On this news, Hamilton's stock price fell almost 9% to close at $10.43 per share.
Hamilton Beach Brands Holding Company (HBB) Shareholders Have Legal Options
Want to be notified if a class action against Hamilton settles? Want to receive free alerts about companies engaged in wrongdoing? Sign up for Stock Watch today.
Attorney Advertising. Past results do not guarantee a similar outcome.