BOSTON, MA / ACCESSWIRE / August 9, 2022 / Block & Leviton is investigating RBC Bearings, Inc. (NASDAQ:ROLL) for potential securities law violations. Investors who have lost money in their RBC Bearings, Inc. investment should contact the firm to learn more about how they might recover those losses. For more details, visit https://www.blockleviton.com/cases/roll.
What is this all about?
On August 4, 2022, RBC Bearings disclosed that its previously issued financial statements for the years ended April 2, 2022, April 3, 2021, and March 28, 2020, and the financial statements for the quarters therein, 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 the error, the Company's financial statements for those periods should no longer be relied upon and would need to 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.
RDXXZShares of RBC Bearings, Inc. fell more than 8% in intraday trading when the market opened on August 4, 2022, and closed down 6.7% from the prior day's close.
Who is eligible?
Anyone who purchased RBC Bearings, Inc. stock and has lost money may be eligible, whether or not they have sold their investment. Investors should contact Block & Leviton to learn more.
What is Block & Leviton doing?
Block & Leviton is investigating whether the Company committed securities law violations and may file an action to attempt to recover losses on behalf of investors who have lost money.
What should you do next?
Why should you contact Block & Leviton?
Many law firms have issued releases about this matter; most of those firms do not actually litigate securities class actions. Block & Leviton is a law firm that actually litigates cases. We are dedicated to obtaining significant recoveries on behalf of defrauded investors through active litigation in the federal courts across the country. Many of the nation's top institutional investors hire us to represent their interests. You can learn more about us at our website, www.blockleviton.com, or call (617) 398-5600 or email [email protected] with any questions.
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SOURCE: Block & Leviton LLP