Violations of federal securities laws as a result of a series of materially false statements. On May 6, 2015, the Company announced in an SEC filing that "[i]t will delay the filing of its Form 10-Q for the first quarter of 2015 and restate its financial results for the annual period ended December 31, 2014. As a result, the Company is also withdrawing its previously issued earnings guidance for 2015 at this time. On May 5, 2015, the Audit Committee of the Board of Directors of Global Power, in consultation with its outside advisors and management, concluded that the financial statements for the annual period ended December 31, 2014 should not be relied upon because of accounting errors affecting the fourth quarter of 2014 that were discovered during the first quarter 2015 financial review process. Those errors resulted in an understatement of the Company's cost of sales in the quarterly and annual periods ended December 31, 2014." Following this news, shares of Global Power fell $4.05 per shares, or by more than 33%, to close at $8.19 on May 7, 2015. Filed in N.D. Tex.
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