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Wednesday, 10 July 2024, 08:00 HKT/SGT

Source: Kaplan Fox & Kilsheimer LLP
DRIL-QUIP (NYSE: DRQ): Investigation of Dril-Quip for Potential Securities Law Violations

NEW YORK, July 10, 2024 - (NewMediaWire) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Dril-Quip, Inc. (“Dril-Quip” or the “Company”) (NYSE: DRQ).  Click here to join the investigation. 

If you are a Dril-Quip investor and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.

On July 8, 2024, after the market closed, Dril-Quip disclosed in a Form 8-K filing that it had made an error in the classification of certain inventory write-downs from 2021.  Specifically, the Company stated that it had “misclassified inventory write-downs from 2021 totaling approximately $67 million” by classifying these charges as “Restructuring and other charges” when they should have been classified in “Cost of Sales.”

Further, the Company said that “the Audit Committee concluded that management’s report on internal control over financial reporting as of December 31, 2023 should no longer be relied upon,” that it intends to file restated consolidated financial statements for the affected period, and that the Company “will disclose a material weakness” since it did not design and maintain effective controls over the financial statement classification of inventory write-downs related to restructurings.

Following this news, the price of Dril-Quip shares fell $1.76 per share, or 9.9%, to close at $16.01 per share on July 9, 2024.

WHY CONTACT KAPLAN FOX - Kaplan Fox is a leading national law firm focusing on complex litigation with offices in New York, Oakland, Los Angeles, Chicago and New Jersey.  With over 50 years of experience in securities litigation, Kaplan Fox offers the professional experience and track record that clients demand.  Through prosecuting cases on the federal and state levels, Kaplan Fox has successfully shaped the law through winning many important decisions on behalf of our clients.  For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

If you have any questions about this investigation, please contact:

Pamela A. Mayer 
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com  

Laurence D. King
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax:  (415) 772-4707
E-mail: lking@kaplanfox.com 

Topic: Press release summary
Source: Kaplan Fox & Kilsheimer LLP

Sectors: Legal & Compliance
From the Asia Corporate News Network

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