An investigation for investors in MasTec, Inc. (NYSE:MTZ) shares over potential securities laws violations by MasTec, Inc. was announced and NYSE:MTZ stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/23/2015 -- An investigation on behalf of investors of MasTec, Inc. (NYSE:MTZ) shares over potential securities laws violations by MasTec, Inc. and certain of its directors and officers in connection certain financial statements was announced.
Investors who purchased shares of MasTec, Inc. (NYSE:MTZ) have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of MasTec, Inc. (NYSE:MTZ) concerning whether a series of statements by MasTec, Inc. regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Shares of MasTec, Inc. (NYSE:MTZ) grew from $9.67 per share in September 2010 to as high as $42.99 per share on March 28, 2014. MasTec, Inc. reported that its annual Total Revenue rose from over $2.14 billion in 2010 to over $4.32 billion in 2013 and that its respective Net Income increased from $90.53 million to $140.95 million.
On March 17, 2015, MasTec, Inc. announced that it will not be able to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. According to MasTec, Inc., the delay is the result of an ongoing independent internal investigation by the Audit Committee and its independent counsel, and that the Audit Committee "has not reached any conclusions and is undertaking additional review of accounting estimates." MasTec, Inc. further stated that it "cannot predict the outcome of the Audit Committee's investigation, its ultimate scope or when it will be completed." Shares of MasTec, Inc. (NYSE:MTZ) declined to as low as $16.00 per share on March 18, 2015.
On March 19, 2015, NYSE:MTZ shares closed at $18.27 per share.
Those who purchased shares of MasTec, Inc. (NYSE:MTZ) have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com