Securities Class Action Filed Against MasTec, Inc. (MTZ)
Violations of federal securities laws as a result of a series of materially false statements. MasTec is an infrastructure construction company that provides engineering, building, installation, maintenance and upgrade services for energy, utility and communications infrastructure primarily in the United States. On March 17, 2015, MasTec announced that the Company would not be able to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. According to the Company, the delay is the result of an ongoing independent internal investigation by the Audit Committee and its independent counsel, and that the Audit Committee “has not reached any conclusions and is undertaking additional review of accounting estimates.” The Company further stated that it “cannot predict the outcome of the Audit Committee’s investigation, its ultimate scope or when it will be completed.” Following this news, MasTec shares fell $1.88, or by more than 9.5%, on unusually heavy volume, to close at $17.82 on March 18, 2015. The Complaint alleges that MasTec misled investors by failing to adequately disclose that certain cost-to-complete estimates, currently believed to be in the range of zero to $13 million, which were recognized during the Company’s third quarter of 2014, should have been recognized during the second quarter of 2014, and that MasTec’s internal control over financial reporting was ineffective. Filed in S.D. Fla.
Lead Plaintiff Deadline: The deadline to file for lead plaintiff in this action is 7/6/2015.
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