Matrix Service Company
|Company Name||Matrix Service Company|
On February 6, 2020, in connection with second quarter 2020 results, Matrix recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. In a press release, 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 $6.00, nearly 30%, closing at $12.85 per share on February 6, 2020, thereby injuring investors.
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