An investigation was announced concerning possible violations of securities laws by Brooks Automation, Inc. in connection with certain financial statements.
Investors who purchased shares of Brooks Automation, Inc. (NASDAQ: BRKS), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Brooks Automation, Inc. (NASDAQ: BRKS) concerning whether a series of statements by Brooks Automation, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Chelmsford, MA based Brooks Automation, Inc. provides automation and cryogenic solutions worldwide. Brooks Automation, Inc. reported that its Total Revenue rose from $631.56 million for the 12 months period that ended on September 30, 2018 to $780.84 million for the 12 months period that ended on September 30, 2019 and that its Net Income increased from $116.57 million to $437.41 million over those respective time periods.
On December 2, 2019, Brooks Automation, Inc. that the Company "is unable to file its Annual Report on Form 10-K for its fiscal year ended September 30, 2019 . . . within the prescribed time period without unreasonable effort or expense." Specifically, Brooks Automation, Inc. cited an ongoing review of its revenue recognition practices related to the timing of revenue recognition with respect to product shipped from one of the Company's contract manufacturers within its Semiconductor Solutions Group. Brooks further stated that its Audit Committee is reviewing the timing of revenue recognition for similar transactions. Separately, Brooks disclosed that it would report a material weakness in the financial reporting of its Brooks Life Sciences segment related to price and quantity of certain billings.
Shares of Brooks Automation, Inc. (NASDAQ: BRKS) declined to as low as $39.51 per share on December 9, 2019.
Those who purchased shares of Brooks Automation, Inc. (NASDAQ: BRKS) have certain options and should contact the Shareholders Foundation.
Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com
About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
