SAN FRANCISCO, April 14, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges investors in Newell Brands Inc. (NWL) who have suffered significant losses to submit their losses now. The firm is investigating possible securities law violations, and certain investors may have valuable claims.
Newell Brands Inc. (NWL) Investigation:
The investigation concerns the propriety of Newell’s accounting for and disclosures relating to its accounting practices, including those related to recognized sales, goodwill, and other assets.
Newell has long assured investors that its financial statements conformed with GAAP.
But, on Mar. 2, 2020, after the market closed, Newell revealed, “[o]n January 31, 2020, the Company received a subpoena from the U.S. Securities and Exchange Commission (the “SEC”) primarily relating to its sales practices and certain accounting matters during the period from January 1, 2016 to the date of the subpoena.” The Company stated, “[t]he subpoena followed various informal document requests from the SEC staff, including several requests primarily related to the impairment of goodwill and other intangible assets.”
This news drove the price of Newell shares sharply lower that day.
“We’re focused on investors’ losses and whether Newell may have improperly recognized revenues and inflated the value of its goodwill to appear more profitable,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of Newell and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Newell should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email NWL@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895