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Global Power Equipment (GLPW) Securities Fraud Class Action Lawsuit

Global Power sued for securities fraud
On May 6, 2015, Global Power Equipment disclosed to investors that they should not rely on its 2014 financials as those financials underreported the true cost of sales.  It is believed that Global Power Equipment underreported the cost of raw materials such as steel.  The stock lost 33% of its value on this news. 
What investors are part of this class action? The class period is currently defined as all persons who purchased Global Power Equipment common stock between March 9, 2015 and May 6, 2015, inclusive (the “Class Period”).  Global Power Equipment common stock trades under the symbol “GLPW”.
Procedural Status.  The lawsuit was filed on May 13, 2015 and is captioned Ream v. Global Power Equipment Group, Inc. et al. It was filed in the Texas Northern District Court. Its civil docket number is 3:15cv01679.  The lead plaintiff deadline is July 13, 2015.                           
The complaint alleges that Global Power Equipment made materially false and misleading statements regarding its business, operational and compliance policies, including:
  • Global Power underreported its cost of sales on its financial statements for its annual year ending December 2014; and
  • Global Power lacked internal controls over its financial reporting.
Current Case Status: 
This case is in the notice period. When a shareholder brings suit under certain federal securities law, generally that shareholder must give notice via a press release. This notice starts a 60 day period of time when any shareholder can investigate the underlying claims of the lawsuit and then elect to bring suit as well. At the end of this 60 day period, the court appoints one shareholder (or a group of shareholders) to prosecute the securities litigation. We will review the docket again in June and update this page as warranted.
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