NEW YORK–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24MWA&src=ctag” target=”_blank”gt;$MWAlt;/agt; lt;a href=”https://twitter.com/hashtag/classaction?src=hash” target=”_blank”gt;#classactionlt;/agt;–The law firm of Kirby
McInerney LLP announces that a class action lawsuit has been filed
in the U.S. District Court for the Southern District of New York on
behalf of those who acquired Mueller Water Products, Inc. (“Mueller
Water Products” or the “Company”) (NYSE: MWA)
securities during the period from May 9, 2016 to August 6, 2018 (the
“Class Period”). Investors have until June 10, 2019 to apply to the
Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Mueller Water Products made false and/or
misleading statements and/or failed to disclose: (i) that the Company
lacked adequate testing for product quality; (ii) that certain products
with radio components were susceptible to fail prematurely; (iii) that,
as a result, the Company was reasonably likely to incur increased
expenses, including warranty costs; (iv) that these costs would
materially impact the Company’s financial statements; and (v) that the
Company lacked adequate internal controls over warranty costs and
estimates.
On April 27, 2017, Mueller Water Products disclosed that certain radio
products produced by the Company’s Technologies segment between 2011 and
2014 had been failing prematurely, resulting in a $9.8 million warranty
charge. On this news, Mueller Water Products’ share price fell $1.43 per
share, or 11.28%, to close at $11.25 on April 28, 2017.
Then, on August 6, 2018, Mueller Water Products reported a $14.1 million
warranty charge. On this news, Mueller Water Products’ share price fell
$0.75 per share, or 6%, to close at $11.74 on August 7, 2018.
If you acquired Mueller Water Products securities during the Class
Period, have information, or would like to learn more about these
claims, please contact Thomas W. Elrod of Kirby McInerney at
212-371-6600, by email at [email protected],
or by filling out this
contact form, to discuss your rights or interests with respect to
these matters without any cost to you.
Kirby
McInerney is a New York-based plaintiffs’ law firm concentrating in
securities, antitrust, and whistleblower litigation. The firm’s efforts
on behalf of shareholders in securities litigation have resulted in
recoveries totaling billions of dollars. Additional information about
the firm can be found at Kirby McInerney’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq., (212) 371-6600
[email protected]
www.kmllp.com
