NEW YORK, July 23, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder rights law firm, is investigating potential claims against Dril-Quip, Inc. (NYSE: DRQ) and Arbor Realty Trust, Inc. (NYSE: ABR). Our investigations concern whether these companies have violated the federal securities laws and/or engaged in other unlawful business practices. Additional information about each case can be found at the link provided.
Dril-Quip, Inc (NYSE: DRQ)
On July 8, 2024, Dril-Quip disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) that it had identified “an error in the classification of certain inventory write-downs from 2021.” Specifically, the Company disclosed that it “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 classified these charges as ‘Restructuring and other charges’; however, these charges should have been classified in ‘Cost of sales’ in the Consolidated Statement of Income (Loss) for the fiscal year ended December 31, 2021, in accordance with ASC 420-10-S99-3. As a result, ‘Cost of sales’ was understated and ‘Restructuring and other charges’ was overstated by $67 million for the fiscal year ended December 31, 2021 (the ‘Affected Period’).” Accordingly, Dril-Quip stated that its previous statements regarding the Affected Period “should no longer be relied upon” and will be restated. Dril-Quip further noted that “the Company’s disclosure controls and procedures as of December 31, 2023 were not effective.”
On this news, the price of Dril-Quip shares declined by $1.76 per share, or approximately 9.9%, from $17.77 per share on July 8, 2024 to close at $16.01 on July 9, 2024.
For more information on the Dril-Quip investigation go to: https://bespc.com/cases/DRQ
Arbor Realty Trust, Inc. (NYSE: ABR)
On July 12, 2024, Bloomberg reported that federal prosecutors and the Federal Bureau of Investigation are looking into Arbor regarding its lending practices and the Company’s claims about the performance of their loan book.
On this news, Arbor’s stock price fell $2.64, or 17%, to close at $12.89 per share on July 12, 2024, thereby injuring investors.
For more information on the Arbor investigation go to: https://bespc.com/cases/ABR
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York, California, and South Carolina. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Marion Passmore, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com
