Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Precision Castparts Corp. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Precision Castparts Corp. (“Precision Castparts” or the “Company”) (Traded formerly as NYSE: PCP) of the May 27, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Oregon on behalf of all those who purchased or otherwise acquired the publicly traded securities of Precision Castparts between May 9, 2013 and January 15, 2015 (the “Class Period”). The case, Murphy v. Precision Castparts Corp., et al., No. 3:16-cv-00521 was filed on March 25, 2016, and has been assigned to Magistrate Judge Stacie F. Beckerman.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to appropriately disclose Precision Castparts’ decreasing market share and misrepresenting critical loss of business as temporary.
Specifically, on July 24, 2014, the Company announced its first-quarter fiscal 2015 financial results, which missed consensus estimates. Precision Castparts blamed the poor earnings on a temporary decline in sales.
After the announcement, the Company’s common stock fell $13.82 per share from a closing price of $250.03 per share on July 23, 2014 to a closing price of $236.21 per share, a 5.5% drop, on July 24, 2014.
Then, on October 23, 2014, the Company announced its second-quarter fiscal 2015 financial results, which again missed consensus estimates. Precision Castparts again attributed lower earnings to a temporary decline in sales, promising to recover in the near future.
Finally, on January 15, 2015, the Company announced missed third-quarter 2015 sales and earnings, attributing its poor results to a greater-than-anticipated decline in sales to a key customer.
After the announcement, Precision Castpart’s common stock fell $20.09 per share from a closing price of $219.72 per share on January 15, 2015 to a closing price of $199.63 per share, a 9.1% drop, on January 16, 2015.
If you invested in Precision Castparts securities between May 9, 2013 and January 15, 2015 and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Precision Castparts’ conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.