LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Dril-Quip, Inc. (“Dril-Quip” or the “Company”) (NYSE: DRQ) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On July 8, 2024, Dril-Quip disclosed that it had “misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan.” The Company stated that it would restate consolidated financial statements for the affected period and would “disclose a material weakness in its internal control over financial reporting.”
On this news, Dril-Quip’s stock price fell $1.76, or 9.9%, to close at $16.01 per share on July 9, 2024, thereby injuring investors.
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If you purchased Dril-Quip securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 2121 Avenue of the Stars, Suite 800, Century City, California 90067 at 310-914-5007, by email to info@frankcruzlaw.com, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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