Flowserve Corp (NYSE:FLS) Investor Investigation Concerning Potential Violations Of Securities Laws Announced

If you purchased shares of Flowserve Corp (NYSE:FLS), you have certain options and you should contact the Shareholders Foundation, Inc.

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Company Name(s): 
Flowserve
Affected Securities: 
NYSE: FLS

July 28, 2017 (Shareholders Foundation) - An investigation on behalf of investors of Flowserve Corp (NYSE:FLS) shares over potential securities laws violations by Flowserve and certain of its directors and officers in connection with certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Flowserve Corp (NYSE:FLS) concerning whether a series of statements by Flowserve regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Irving, TX based Flowserve Corporation is a manufacturer and aftermarket service provider of flow control systems. Flowserve Corp reported that its annual Total Revenue declined from over $4.56 billion in 2015 to over $3.99 billion in 2016 and that its Net Income fell from $267.68 million in 2015 to $145.06 million in 2016.

On July 27, 2017, Flowserve Corp announced its Second Quarter 2017 Results. Flowserve Corp announced that “certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017…” In addition, “the Company determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter.”

Shares of Flowserve Corp (NYSE:FLS) declined to $40.24 per share on July 28, 2017.

On August 7, 2017, NYSE:FLS shares closed at $40.55 per share.