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Lawsuit filed for Investors in shares of Hamilton Beach Brands Holding Company (NYSE: HBB)

06-02-2020 12:36 AM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Hamilton Beach Brands Holding Company (NYSE: HBB) shares.

A lawsuit was filed on behalf of investors in Hamilton Beach Brands Holding Company (NYSE: HBB) shares.

An investor, who purchased shares of Hamilton Beach Brands Holding Company (NYSE: HBB), filed a lawsuit over alleged Securities Laws violations by Hamilton Beach Brands Holding Company.

Investors in shares of Hamilton Beach Brands Holding Company (NYSE: HBB) have certain options and for certain investors are short and strict deadlines running. Deadline: July 21, 2020. NYSE: HBB investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On May 11, 2020, Hamilton Beach Brands Holding Company announced that it could not timely file its 1Q20 10-Q because of "certain accounting irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary." Hamilton further stated that its "Audit Review Committee has commenced an internal investigation" regarding "the realizability of certain assets of the Mexican subsidiary."

Shares of Hamilton Beach Brands Holding Company (NYSE: HBB) declined from $21.14 per share in November 2019 to as low as $8.40 per share on March 14, 2020.

The plaintiff claims that between February 27, 2020, and May 8, 2020, the Defendants failed to disclose to investors that Hamilton had inadequate disclosure controls and procedures and internal control over financial reporting, particularly with respect to one of its Mexican subsidiaries, that consequently, the Company's accounting included certain irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at this Mexican subsidiary, as well as potential misconduct with respect to the realizability of certain assets of the Mexican subsidiary, that as a result of all the foregoing, Hamilton could not accurately attest to its financial results, particularly with respect to these metrics, and was consequently at an increased risk of delaying the filing of its periodic reports with the SEC, and that as a result, the Company's public statements were materially false and misleading at all relevant time.

Those who purchased shares of Hamilton Beach Brands Holding Company (NYSE: HBB) 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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