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Aug. 7, 2013 /PRNewswire/ --
Pomerantz Grossman Hufford Dahlstrom & Gross LLP is investigating claims on behalf of investors of Blount International, Inc. (NYSE: BLT) ("Blount" or the "Company") who purchased Blount common stock between
January 1, 2012 and
August 7, 2013 (the "Class Period"). Such investors are advised to contact
Robert S. Willoughby at
firstname.lastname@example.org or 888-476-6529, ext. 237.
The investigation concerns whether Blount and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
August 7, 2013, the company released its financial results for the quarter ended
June 30, 2013. The Company stated in its announcement that it would need to amend its 2012 10-K and first quarter 2013 10-Q to reflect material weaknesses in Blount's internal controls over financial reporting. As a result, Blount would not be able to timely file its second quarter 10-Q for 2013, and it may need to restate its 2012 financial statements to reflect an impairment of goodwill.
On this news, shares of Blount fell
$1.07 per share or 8.41% to
$11.72 on intraday trading on
August 7, 2013.
The Pomerantz Firm, with offices in
San Diego and
Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late
Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See
CONTACT:Robert S. WilloughbyPomerantz Grossman Hufford Dahlstrom & Gross LLP
Pomerantz Grossman Hufford Dahlstrom & Gross LLP