Energy News / Shareholders Foundation, Inc.

NYSE:WBT Shareholder Notice: Lawsuit Alleges Misleading Statements by Welbilt, Inc.

Via: ReleaseWire

Updated 1:04 PM CST, Thu, November 29,2018

A lawsuit was filed on behalf of investors in Welbilt, Inc. (NYSE: WBT) shares over alleged securities laws violations.

San Diego, CA -- (SBWIRE) -- 11/29/2018 -- An investor, who purchased shares of Welbilt, Inc. (NYSE: WBT), filed a lawsuit over alleged violations of Federal Securities Laws by Welbilt, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Welbilt, Inc. (NYSE: WBT) 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 at or call +1(858) 779 - 1554.

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. 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."

Those who purchased shares of Welbilt, Inc. (NYSE: WBT) have certain options and should contact the Shareholders Foundation.

Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, , which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigation, and/or settlements are not filed/reached and/or related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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Michael Daniels
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