LOS ANGELES–(BUSINESS WIRE)–$MTRX #fraud—Glancy Prongay & Murray LLP (“GPM”), a leading national shareholder rights law firm, announces an investigation on behalf of Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX) investors concerning the Company and its officers’ possible violations of the federal securities laws.
If you suffered a loss on your Matrix investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information here or contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, via email [email protected] or visit our website at www.glancylaw.com to learn more about your rights.
On February 6, 2020, in connection with second quarter 2020 results, Matrix recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. In a press release, the Company stated that “the impairment of the goodwill was due to the financial performance of portions of the power delivery business that led to depressed gross margins, which accelerated during the second quarter.” As a result, Matrix is” implementing significant changes to the operations and management of its Electrical Infrastructure segment, including changes to leadership, modifications to operational processes, changes to mid-level operational personnel, and increased business development resources.”
On this news, Matrix’s share price fell $6.00, nearly 30%, closing at $12.85 per share on February 6, 2020, thereby injuring investors.
Whistleblower Notice: Persons with non-public information regarding Matrix should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Charles H. Linehan at 310-201-9150 or 888-773-9224 or email [email protected].
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