HAGENS BERMAN, NATIONAL TRIAL ATTORNEYS, Encourages Redwire Corporation (RDW) Investors with Losses to Contact Firm’s Attorneys, Deadline Approaching in Securities Class Action
SAN FRANCISCO, Jan. 08, 2022 (GLOBE NEWSWIRE) -- Hagens Berman urges Redwire Corporation (NYSE: RDW) investors with significant losses to submit your losses now.
Redwire Corporation (RDW) Securities Class Action:
The action arises out of Redwire’s allegedly false and misleading financial statements leading up to its merger with Genesis Park Acquisition Corp. (GPAC) in early Sept. 2021.
Specifically, Defendants misrepresented and failed to disclose: (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.
The truth began to emerge on Nov. 10, 2021, when the company announced it would not report its Q3 2021 financial results as expected that day. Redwire explained that an employee raised concerns about potential accounting issues with a business unit 5 days before and that its audit committee was investigating the employee’s claims.
Then, on Nov. 15, 2021, before the market opened, Redwire announced that due to the pending investigation, “the Company has not been able to finalize its financial statements [for the period ended Sep. 30, 2021] or its assessment of the effectiveness of its disclosure controls and procedures and any impact” on the report.
These disclosures drove the price of Redwire shares sharply lower.
“We’re focused on investors’ losses and proving Redwire manipulated its financial results to deceive investors,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you invested in Redwire and have significant losses, or have knowledge that may assist the firm’s investigation, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Redwire 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 RDW@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with eight offices in eight cities around the country and over eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 844-916-0895