WASHINGTON–(BUSINESS WIRE)–Cohen
Milstein Sellers & Toll PLLC is conducting an investigation to
determine whether Mueller Water Products, Inc. (“Mueller Water” or the
“Company”) and certain of its officers and directors made false and
misleading statements and/or omissions in violation of Sections 10(b)
and 20(a) of the Securities Exchange Act of 1934.
A class action lawsuit was filed in the U.S. District Court for the
Southern District of New York by another law firm on behalf of
purchasers of the common stock of Mueller Water Products, Inc. (NYSE:
MWA) between May 9, 2016 and August 6, 2018, inclusive (the “Class
Period”).
The complaint alleges that Mueller Water and certain of its officers and
directors (“Defendants”) misrepresented and/or failed to disclose that:
(1) the Company lacked adequate testing for product quality; (2) certain
products with radio components were susceptible to fail prematurely; (3)
as a result, the Company was reasonably likely to incur increased
expenses, including warranty costs; (4) these costs would materially
impact the Company’s financial statements; (5) the Company lacked
adequate internal controls over warranty costs and estimates; and (6) as
a result of the foregoing, Defendants’ positive statements about the
Company’s business, operations, and prospects were materially misleading
and/or lacked a reasonable basis.
Mueller Water announced what it claimed was a “discrete” warranty charge
of $9.8 million in its fiscal quarter ended March 31, 2017. The Company
assured investors that it had resolved the issue that led to that charge
and said that it did not expect to report any further warranty charges
of “a large magnitude like this” in the future. Notwithstanding these
assurances, on August 6, 2018, Mueller Water reported a $14.1 million
warranty charge. The price of Mueller Water shares fell from $12.49 to
$11.74 on August 7, 2018.
Cohen Milstein encourages all investors who purchased Mueller Water
common stock between May 9, 2016 and August 6, 2018, or former employees
with information concerning this matter to contact the firm.
If you are a Mueller Water shareholder and would like to discuss your
right to recover for your economic loss, you may, without any cost or
obligation, call Cohen Milstein’s Managing Partner, Steven
J. Toll at (888) 240-0775 or (202) 408-4600, or email him at [email protected].
If you wish to serve as lead plaintiff, you must move the Court no later
than June 10, 2019 to request appointment. Any member of the proposed
class may retain Cohen Milstein or other attorneys to serve as your
counsel in this action, or you may do nothing and remain an absent class
member.
Cohen Milstein has significant experience in prosecuting investor class
actions and actions involving securities fraud and is active in major
litigation pending in federal and state courts throughout the nation.
Cohen Milstein has taken a lead role in numerous important cases on
behalf of defrauded investors and has been responsible for a number of
outstanding recoveries which, in the aggregate, total billions of
dollars. Prior results do not guarantee a similar outcome. For more
information visit www.cohenmilstein.com.
If you have any questions about this notice or the action, or with
regard to your rights, please contact either of the following:
Steven
J. Toll, Esq.
Aaron Taylor
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
Attorney Advertising
Contacts
Steven
J. Toll, Esq.
Aaron Taylor
Cohen Milstein Sellers & Toll
PLLC
1100 New York Avenue, N.W.
Fifth Floor
Washington,
D.C. 20005
Telephone: (888) 240-0775 or (202) 408-4600
Email: [email protected];
[email protected]
