NEW YORK, NY / ACCESSWIRE / March 18, 2021 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Accel Entertainment, Inc. ("Accel" or "the Company") (NYSE:ACEL). Investors who purchased Accel securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/acel.
The investigation concerns whether Accel and certain of its officers and/or directors have violated federal securities laws.
On March 16, 2020, Accel filed a notice with the U.S. Securities and Exchange Commission advising investors that certain of the Company's "audited and unaudited condensed consolidated financial statements should no longer be relied upon." Accel's notice stated that "after discussion with KPMG LLP, its independent registered public accounting firm (‘KPMG'), the Company's management reevaluated the accounting treatment of certain previously disclosed earn-out arrangements issued in connection with the 2019 business combination with TPG Pace Holdings Corp., a special purpose acquisition company." Accordingly, "[o]n March 14, 2021, after discussion with KPMG, the Company's management and the Audit Committee concluded that it is appropriate to correct such errors in its previously issued (i) audited consolidated financial statements as of and for the year ended December 31, 2019, (ii) unaudited condensed consolidated statements of operations for the three months ended March 31, 2020, and the three-month and year-to-date periods ended June 30, 2020 and September 30, 2020, and (iii) unaudited condensed consolidated balance sheets as of March 31, 2020, June 30, 2020 and September 30, 2020 (collectively the ‘Relevant Periods') by restating such audited and unaudited condensed consolidated financial information because the errors were material to the financial information for each of the Relevant Periods." On this news, Accel's stock price fell $0.44 per share, or 3.7%, to close at $11.44 per share on March 17, 2021.
If you are aware of any facts relating to this investigation, or purchased Accel shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/acel. You can also contact Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz and Grossman, LLC