NEW YORK, NY / ACCESSWIRE / August 8, 2022 / Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of RBC Bearings Incorporated (ROLL) ("RBC" or the "Company") (NASDAQ:ROLL). Investors who purchased RBC securities are encouraged to obtain additional information and assist the investigation by visiting the firm's site: www.bgandg.com/roll.
The investigation concerns whether RBC has violated federal securities laws.
On August 4, 2022, in a filing with the U.S. Securities and Exchange Commission, RBC disclosed "that the previously issued consolidated financial statements as of and for the years ended April 2, 2022, April 3, 2021, and March 28, 2020 and the consolidated financial statements for the quarters therein (the ‘Affected Periods') included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 26, 2022 contained an error related to the accounting of non-cash stock-based compensation granted to the Company's CEO and COO. As a result of this error, the Audit Committee determined that the Company's consolidated financial statements for the Affected Periods included in the 2022 Annual Report on Form 10-K should not be relied upon and should be restated by adjusting selling, general and administrative expenses to reflect non-cash stock-based compensation that should have been recognized in each of the Affected Periods." On this news, RBC's stock price fell $16.68 per share, or 6.71%, to close at $231.91 per share on August 4, 2022.
If you are aware of any facts relating to this investigation or purchased RBC shares, you can assist this investigation by visiting the firm's site: www.bgandg.com/roll. You can also contact Peretz Bronstein or his Law clerk and client relations manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC represents investors in securities fraud class actions and shareholder derivative suits. The firm has recovered hundreds of millions of dollars for investors nationwide. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
212-697-6484 | [email protected]
SOURCE: Bronstein, Gewirtz & Grossman, LLC