An investigation was announced over potential securities laws violations by Matrix Service Company in connection with certain financial statements.
Investors who purchased shares of Matrix Service Company (NASDAQ: MTRX), 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 Matrix Service Company (NASDAQ: MTRX) concerning whether a series of statements by Matrix Service Company regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Tulsa, OK based Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil, gas, power, petrochemical, industrial, agricultural, mining, and minerals markets in the United States, Canada, and internationally. Matrix Service Company reported that its Total Revenue rose from over $1.09 billion for the 12 months period that ended on June 30, 2018 to over $1.41 billion for the 12 months period that ended on June 30, 2019, and that its Net Loss of $11.48 for the 12 months period that ended on June 30, 2018 turned into a Net Income of $27.98 million for the 12 months period that ended on June 30, 2019.
On February 6, 2020, Matrix Service Company announced its financial and operating results for the second fiscal quarter and disclosed that it had recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. Matrix Service Company stated that "the impairment of the goodwill was due to the financial performance of portions of the power delivery business that led to depressed gross margins, which accelerated during the second quarter." As a result, Matrix Service Company advised investors that it is "implementing significant changes to the operations and management of its Electrical Infrastructure segment, including changes to leadership, modifications to operational processes, changes to mid-level operational personnel, and increased business development resources."
Matrix Service Company (NASDAQ: MTRX) declined from $23.22 per share in December 2019 to as low as $12.13 per share on February 10, 2020.
Those who purchased shares of Matrix Service Company (NASDAQ: MTRX) 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.
