|Company Name||Flowserve Corporation|
The investigation concerns whether Flowserve and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 27, 2017, Flowserve announced its financial and operating results for the second quarter of 2017, and full-year outlook. Flowserve disclosed that “certain immaterial accounting errors were identified in prior period financial statements for the period beginning in 2013 through the first quarter of 2017 . . . and principally involved certain inventory and accounts receivable balances” and that it “has determined to amend its 2016 Form 10-K and the March 31, 2017 Form 10-Q to reflect the revisions.” The Company also stated that it “has determined material weakness existed in its internal control structure at year-end 2016 and continued through the end of the 2017 second quarter” and that it “intends to institute remediation plans as a result of these errors.”
On this news, Flowserve’s stock price fell $5.06 per share, or 10.9%, on July 28, 2017, thereby injuring investors.
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