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Shareholder Alert: Robbins LLP Reminds Investors It Is Investigating the Officers and Directors of Welbilt, Inc. (WBT)

Shareholder rights law firm Robbins LLP reminds investors that it is investigating the officers and directors of Welbilt, Inc. (NASDAQ: WBT) for breaches of fiduciary duties, unjust enrichment, and waste. Welbilt is a commercial foodservice equipment company that designs, manufactures, and supplies food and beverage equipment worldwide.

If you suffered a loss as a result of Welbilt's misconduct, click here.

Welbilt, Inc. (WBT) Restates Consolidated Financial Statements due to Material Weakness Relating to Income Taxes

According to allegations, on November 5, 2018, the company filed a report with the U.S. Securities and Exchange Commission titled "Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review" announcing that previously issued financial statements as of December 31, 2016, could no longer be relied upon due to "prior period errors" primarily related to certain income tax computations. Welbilt disclosed that it discovered errors in the tax basis of a foreign subsidiary and incorrect amortization of intangible assets by the same entity that resulted in an understatement of the U.S. tax liability. Due to these errors, Welbilt would restate its consolidated financial statements for year ended December 31, 2016, and revise the years ended December 31, 2015 and 2017. On this news, the price of Welbilt's stock fell by 27% over the next two trading sessions, closing at $14.00 on November 8, 2018, and has yet to recover.

Welbilt, Inc. (WBT) Shareholders Have Legal Options

Contact us to learn more:
Leo Kandinov
(800) 350-6003
lkandinov@robbinsllp.com
Shareholder Information Form

Robbins LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Click here to receive free alerts from Stock Watch when companies engage in wrongdoing.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20200211006114/en/

Contacts

Leonid Kandinov
Robbins LLP
600 B Street, Suite 1900
San Diego, CA 92101
LKandinov@robbinsllp.com
(619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com