The Law Offices of Frank R. Cruz Announces Investigation on Behalf of Matrix Service Company Investors (MTRX)
February 08 2020 - 12:00PM
Business Wire
The Law Offices of Frank R. Cruz announces an investigation on
behalf of Matrix Service Company (“Matrix” or the “Company”)
(NASDAQ: MTRX) investors concerning the Company and its officers’
possible violations of federal securities laws.
If you are a shareholder who suffered a loss, click here to
participate.
On February 6, 2020, in connection with second quarter 2020
results, Matrix recorded a goodwill impairment of $24.9 million in
its Electrical Infrastructure segment. In a press release, the
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 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.”
On this news, Matrix's share price fell $6.00, nearly 30%,
closing at $12.85 per share on February 6, 2020, thereby injuring
investors.
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If you purchased Matrix securities, have information or would
like to learn more about these claims, or have any questions
concerning this announcement or your rights or interests with
respect to these matters, please contact Frank R. Cruz, of The Law
Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los
Angeles, California 90067 at 310-914-5007, by email to
info@frankcruzlaw.com, or visit our website at
www.frankcruzlaw.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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200208005002/en/
The Law Offices of Frank R. Cruz, Los Angeles Frank R. Cruz,
310-914-5007 fcruz@frankcruzlaw.com www.frankcruzlaw.com
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