ADVERTISEMENT
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

RDW CLASS ACTION NOTICE: Glancy Prongay & Murray LLP Files Securities Fraud Lawsuit Against Redwire Corp. f/k/a Genesis Park Acquisition Corp.

December 17, 2021 GMT

LOS ANGELES--(BUSINESS WIRE)--Dec 17, 2021--

Glancy Prongay & Murray LLP (“GPM”) announces that it has filed a class action lawsuit in the United States District Court for the Middle District of Florida captioned Lemen v. Redwire Corporation, et al., (Case No. 21-cv-1254) on behalf of persons and entities that purchased or otherwise acquired Redwire Corporation f/k/a Genesis Park Acquisition Corp. (“Redwire” or the “Company”) (NYSE: RDW ) securities between August 11, 2021 and November 14, 2021, inclusive (the “Class Period”). Plaintiff pursues claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Exchange Act”).

ADVERTISEMENT

Investors are hereby notified that they have 60 days from this notice to move the Court to serve as lead plaintiff in this action.

If you suffered a loss on your Redwire investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at www.glancylaw.com/cases/redwire-corporation/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at shareholders@glancylaw.com or visit our website at www.glancylaw.com to learn more about your rights.

On November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings results. The Company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations.

On this news, Redwire’s stock price fell $1.92, or 16%, to close at $9.99 per share on November 10, 2021, on unusually heavy trading volume.

ADVERTISEMENT

Then, on November 15, 2021, Redwire stated that it could not timely file its quarterly report for the period ended September 30, 2021. Due to the pending investigation into the accounting issues at a business subunit, “the Company has not been able to finalize its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and any impact” on the report.

On this news, Redwire’s stock price fell $0.93, or 8.3%, over two consecutive trading sessions to close at $10.32 per share on November 16, 2021, on unusually heavy trading volume.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) that there were accounting issues at one of Redwire’s subunits; (2) that, as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.

Follow us for updates on LinkedIn, Twitter, or Facebook.

If you purchased or otherwise acquired Redwire securities during the Class Period, you may move the Court no later than 60 days from this notice to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20211217005653/en/

CONTACT: Glancy Prongay & Murray LLP, Los Angeles

Charles H. Linehan, 310-201-9150 or 888-773-9224

1925 Century Park East, Suite 2100

Los Angeles, CA 90067

www.glancylaw.com

shareholders@glancylaw.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Glancy Prongay & Murray LLP

Copyright Business Wire 2021.

PUB: 12/17/2021 05:12 PM/DISC: 12/17/2021 05:12 PM

http://www.businesswire.com/news/home/20211217005653/en