An investigation for investors in RBC Bearings Incorporated (NASDAQ:ROLL) shares over potential securities laws violations by RBC Bearings Incorporated was announced.
San Diego, CA -- (SBWIRE) -- 09/08/2022 -- RBC Bearings Incorporated is under investigation over potential securities laws violations in connection with certain financial statements.
Investors who purchased shares of RBC Bearings Incorporated (NASDAQ: ROLL), have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 - 1554.
The investigation by a law firm focuses on whether a series of statements by RBC Bearings Incorporated (NASDAQ: ROLL regarding its business, its prospects and its operations were materially false and misleading at the time they were made.
Oxford, CT based RBC Bearings Incorporated manufactures and markets engineered precision bearings and components in the United States and internationally. On August 4, 2022, in a filing with the U.S. Securities and Exchange Commission, RBC Bearings Incorporated disclosed "that the previously issued consolidated financial statements as of and for the years ended April 2, 2022, April 3, 2021, and March 28, 2020 and the consolidated financial statements for the quarters therein (the 'Affected Periods') included in the Company's Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 26, 2022 contained an error related to the accounting of non-cash stock-based compensation granted to the Company's CEO and COO. As a result of this error, the Audit Committee determined that the Company's consolidated financial statements for the Affected Periods included in the 2022 Annual Report on Form 10-K should not be relied upon and should be restated by adjusting selling, general and administrative expenses to reflect non-cash stock-based compensation that should have been recognized in each of the Affected Periods."
Those who purchased shares of RBC Bearings Incorporated (NASDAQ: ROLL) have certain options and should contact the Shareholders Foundation.
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