Investigation announced for Investors in RBC Bearings Incorporated (NASDAQ: ROLL) shares over possible Violations of Securities Laws

An investigation was announced for investors of RBC Bearings Incorporated (NASDAQ: ROLL) shares over potential securities laws violations by RBC Bearings Incorporated in connection with certain financial statements was announced.

Investors who purchased shares of RBC Bearings Incorporated (NASDAQ: ROLL), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of RBC Bearings Incorporated (NASDAQ: ROLL) concerning whether a series of statements by RBC Bearings Incorporated (NASDAQ: ROLL regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Oxford, CT based RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in the United States and internationally. RBC Bearings Incorporated reported that its Total Revenue rose from $608.98 million for the 12 months period that ended on March 31, 2021, to $942.93 million for the 12 months period that ended on March 31, 2022, and that its Net Income over those respective time periods declined from $89.63 million to $65.06 million.

On August 4, 2022, in a filing with the U.S. Securities and Exchange Commission, RBC Bearings Incorporated disclosed "that the previously issued consolidated financial statements as of and for the years ended April 2, 2022, April 3, 2021, and March 28, 2020 and the consolidated financial statements for the quarters therein (the 'Affected Periods') included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 26, 2022 contained an error related to the accounting of non-cash stock-based compensation granted to the Company's CEO and COO. As a result of this error, the Audit Committee determined that the Company's consolidated financial statements for the Affected Periods included in the 2022 Annual Report on Form 10-K should not be relied upon and should be restated by adjusting selling, general and administrative expenses to reflect non-cash stock-based compensation that should have been recognized in each of the Affected Periods."

Those who purchased shares of RBC Bearings Incorporated (NASDAQ: ROLL) have certain options and should contact the Shareholders Foundation.

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 lawsuits, 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.

This release was published on openPR.