INVESTOR ALERT: Kirby McInerney LLP Announces an Investigation of Shareholder Claims Against Matrix Service Company
11 February 2020 - 9:04AM
Business Wire
The law firm of Kirby McInerney LLP is investigating potential
claims against Matrix Service Company (“Matrix” or the “Company”)
(NASDAQ: MTRX). This investigation concerns whether Matrix has
violated federal securities laws and/or engaged in other unlawful
business practices.
On February 6, 2020, in connection with its second quarter 2020
results, Matrix recorded a goodwill impairment of $24.9 million in
its Electrical Infrastructure segment. The Company stated that “the
impairment of the goodwill was due to the financial performance of
portions of the power delivery business that led to depressed gross
margins, which accelerated during the second quarter.” As a result,
Matrix is “implementing significant changes to the operations and
management of its Electrical Infrastructure segment, including
changes to leadership, modifications to operational processes,
changes to mid-level operational personnel, and increased business
development resources.”
On this news, Matrix’s share price fell by $7.00, nearly 35%,
closing at $12.85 per share on February 6, 2020, thereby injuring
investors.
If you acquired Matrix securities, have information, or would
like to learn more about these claims, please contact Thomas W.
Elrod of Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20200210005821/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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