Welbilt, Inc. (NYSE: WBT) Investor Securities Class Action Lawsuit 11/09/2018

If you purchased a significant amount of shares of Welbilt, Inc. (NYSE: WBT) between February 24, 2017, and November 2, 2018, and / or if you purchased any NYSE: WBT shares prior to February 2017and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: January 8, 2019. NYSE: WBT investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Welbilt
Case Name: 
Welbilt Shareholder Class Action Lawsuit 11/09/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: WBT
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
11/09/2018
Class Period Begin: 
02/24/2017
Class Period End: 
11/02/2018
Court of Filing: 
U.S. District Court for the Middle District of Florida
Deadline To File for Lead: 
01/08/2019
Summary: 

An investor in shares of Welbilt, Inc. (NYSE: WBT) filed a lawsuit in the U.S. District Court for the Middle District of Florida over alleged violations of Federal Securities Laws by Welbilt, Inc. in connection with certain allegedly false and misleading statements made between February 24, 2017, and November 2, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Welbilt, Inc. (NYSE: WBT) common shares between February 24, 2017, and November 2, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 24, 2017, and November 2, 2018, Welbilt made materially false and/or misleading statements and/or failed to disclose that the Company lacked effective internal control over financial reporting, that the Company was incorrectly recording the tax basis of foreign subsidiaries and the amortization of their intangible assets, and that as a result of the foregoing, Defendants’ statements about Welbilt’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

New Port Richey, FL based Welbilt, Inc. designs, manufactures, and services hot and cold category commercial foodservice equipment worldwide. Welbilt, Inc. reported that its annual Total Revenue declined from over $1.45 billion in 2016 to over $1.44 billion in 2017 and that its Net INcome of $79.5 million in 2016 increased to a $134.00 million in 2017.

Shares of Welbilt, Inc. (NYSE: WBT) reached as high as $23.77 per dshare in July 2018.

On November 5, 2018 Welbilt, Inc. filed a Form with the Securities and Exchange Commission (“SEC”) for its third quarter2018, stating that “During the third quarter of 2018, the Company identified errors in the tax basis of a foreign subsidiary and incorrect amortization of the intangible assets held by the same entity… In addition, the Company discovered certain intercompany transactions were not recorded on a timely basis.” As a result of these errors, Welbilt, Inc. announced that “the consolidated financial statements of the Company as of and for the year ended December 31, 2016 will be restated, and as of and for the years ended December 31, 2015 and 2017 are expected to be revised.”

Shares of Welbilt, Inc. (NYSE: WBT) declined to as low as $13.40 per share on November 6, 2018.