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Lawsuit filed for Investors in shares of Mohawk Industries, Inc. (NYSE: MHK)

01-13-2020 09:36 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Mohawk Industries, Inc. (NYSE: MHK) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Mohawk Industries, Inc. (NYSE: MHK) shares over alleged securities laws violations.

The Shareholders Foundation announced that an investor, who purchased shares of Mohawk Industries, Inc. (NYSE: MHK), filed a lawsuit over alleged violations of Federal Securities Laws by Mohawk Industries, Inc. 9.

Investors who purchased shares of Mohawk Industries, Inc. (NYSE: MHK) have certain options and for certain investors are short and strict deadlines running. Deadline: March 3, 2020. NYSE: MHK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On July 25, 2018, after the market closed, Mohawk Industries, Inc announced disappointing financial results for second quarter 2018, disclosing that Mohawk “reduced [its] production volumes more than [the Company] had thought” and that it “came into the year with higher inventories than [it] wanted to have.”
On this news, the Company’s share price fell $38.06, or over 17%, to close at $179.31 per share on July 26, 2018, thereby injuring investors.
Then, on October 25, 2018, after the market closed, Mohawk Industries, Inc reported third quarter 2018 financial results that fell below the Company’s guidance, stating that “[t]o improve [its] inventory turns, [Mohawk was] presently manufacturing fewer units than [it was] selling, which is negatively impacting [its] costs.”
Then, on July 25, 2019, after the market closed, Mohawk Industries, Inc reported that sales in its Flooring NA segment declined 7% year-over-year and that there was “big buildup in inventory in ceramic.”

On February 7, 2019, Mohawk Industries, Inc. reported that its annual Total Revenue rose from over $9.49 billion in 2017 to over $9.98 billion in 2018 and that its Net Income declined from $971.63 million in 2017 to $861.7 million in 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Mohawk Industries, Inc. (NYSE: MHK) common shares between April 28, 2017 and July 25, 2019, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 28, 2017 and July 25, 2019, the Defendants failed to disclose to investors that the Company engaged in deceptive and unsustainable sales practices to mask declining customer demand for its Conventional Flooring products, that Mohawk’s increasing inventories was not the result of increasing inflation or the Company’s backward integration, but instead the result of the Company deliberately stuffing the channels with Conventional Flooring Products to boost sales, and that as a result, defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.

Those who purchased shares of Mohawk Industries, Inc. (NYSE: MHK) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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