Newman Ferrara LLP is conducting an investigation on behalf of shareholders of Blount International Inc. (“Blount”) (NYSE) (BLT) into potential violations of federal securities laws and breaches of fiduciary duty by Blount and certain of its executive officers and directors.
On August 7, 2013, Blount announced that it had identified a material weakness in its internal controls over financial reporting and disclosure controls and procedures which will cause it to amend its Annual Report on Form 10-K for the year 2012 as well as its Quarterly Report on Form 10-Q for the first quarter of 2013. Blount reported that material weaknesses existed in its internal control over financial reporting related to the information systems at its Woods/TISCO subsidiary and its accounting for indefinite-lived intangible assets in 2012.
Following this news, shares of Blount stock dropped nearly 9% to close at $11.66 per share on August 7, 2013.
Investors who purchased shares of Blount common stock between January 1, 2012 and August 6, 2013, may contact Newman Ferrara attorney Roy Shimon (
) by email or call (212) 619-5400 to discuss this investigation and their rights as Blount shareholders.
: Persons with knowledge that may aid in the investigation of this matter are encouraged to contact the firm. Under the Dodd-Frank Wall Street Reform Bill, whistleblowers are protected from employer retaliation and may be entitled to as much as 30 percent of the recovery if the information provided leads to a successful action.
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