Attorney Advertising--Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of the securities of Powell Industries, Inc. (“Powell” or the “Company”) (NASDAQGS:POWL), concerning whether the company and certain of its officers and directors have violated federal securities laws.
On November 8, 2011, Powell announced it would restate its financial results for the second and third quarter of 2011 and that these statements should no longer be relied upon because of accounting errors that occurred at Powell Canada relating to the inaccurate recording of customer change orders, and an erroneous journal entry recorded in accounts payable, incorrect close-out of costs on certain jobs and the application of an incorrect manufacturing overhead rate, all of which caused earnings to be overstated in the respective quarters. On this news, the company's shares tumbled more than 18 percent in aftermarket trading.
If you are aware of any facts relating to this investigation, or purchased shares of Powell, you can assist this investigation by contacting either Peretz Bronstein or Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email
. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of both class and individual litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate work, litigation and securities arbitration.