NEW YORK, July 10, 2024 - (NewMediaWire) - Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Dril-Quip, Inc. (“Dril-Quip” or the “Company”) (NYSE: DRQ). Click here to join the investigation.
If you are a Dril-Quip investor and would like to discuss our investigation, please click here or contact us by emailing pmayer@kaplanfox.com or by calling (646) 315-9003.
On July 8, 2024, after the market closed, Dril-Quip disclosed in a Form 8-K filing that it had made an error in the classification of certain inventory write-downs from 2021. Specifically, the Company stated that it had “misclassified inventory write-downs from 2021 totaling approximately $67 million” by classifying these charges as “Restructuring and other charges” when they should have been classified in “Cost of Sales.”
Further, the Company said that “the Audit Committee concluded that management’s report on internal control over financial reporting as of December 31, 2023 should no longer be relied upon,” that it intends to file restated consolidated financial statements for the affected period, and that the Company “will disclose a material weakness” since it did not design and maintain effective controls over the financial statement classification of inventory write-downs related to restructurings.
Following this news, the price of Dril-Quip shares fell $1.76 per share, or 9.9%, to close at $16.01 per share on July 9, 2024.
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If you have any questions about this investigation, please contact:
Pamela A. Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
Topic: Press release summary
Source: Kaplan Fox & Kilsheimer LLP
Sectors: Legal & Compliance
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