LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the District of Oregon on behalf of a class (the “Class”) of purchasers of Precision Castparts Corp. (“Precision Castparts” or the “Company”) (Formerly traded NYSE: PCP, acquired 2/1/2016) securities between May 9, 2013 and January 15, 2015, inclusive (the “Class Period”).
If you are a member of the Class described above, you may move the Court no later than 60 days from the date of this notice to serve as lead plaintiff. Please contact Lesley Portnoy at 888-773-9224 or 310-201-9150, or at shareholders@glancylaw.com to discuss this matter.
Precision Castparts is a manufacturer of complex metal components primarily marketed to industrial and aerospace customers. The Company produces large structural investment castings, airfoil castings, forged components, aerostructures, and highly engineered fasteners for aerospace applications.
Throughout the Class Period, Precision Castparts touted its growth prospects and assured investors that customer demand for its products was stable. In reality, Precision Castparts was allegedly losing significant market share to its competitors. Rather than disclose the true state of its financial condition and future growth prospects, Precision Castparts allegedly concealed its loss of market share and attributed declining sales figures to a temporary condition that would resolve itself in the near future.
The complaint charges Precision Castparts and certain of its officers with violations of the federal securities laws. Specifically, the complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose: (1) that the Company was losing significant market share to its competitors; (2) that this loss of business to competitors was not, as the Company represented, a temporary decline in sales that would reappear in the near future, but was instead a permanent decline in demand for the Company’s products; and (3) that, as a result, the Company’s positive statements about its business, operations, and prospects lacked a reasonable basis.
Upon disclosure of the permanent decline in demand for Precision Castparts products the Company’s securities declined in value thereby damaging investors.
To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, at (310) 201-9150, by e-mail to shareholders@glancylaw.com, or visit our website at http://www.glancylaw.com.
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