TheGrantFirm, PLLC Investigates Whether MasTec, Inc. Committed Securities Fraud
New York, June 8, 2015
TheGrantLawFirm, PLLC (the “GrantFirm”) is investigating a potential securities fraud class action against MasTec, Inc. (“MasTec” or the “Company”) (NYSE:MTZ) and its auditors, on behalf of purchasers during the period between August 12, 2014 and May 11, 2015 (“Class Period”). The investigation focuses on whether the Company violated GAAP by improperly recognizing “certain cost to complete estimates”.
On February 26, 2015, MasTec announced its 2014 fourth quarter and annual results and that its audit committee was reviewing whether the Company properly recorded costs to complete estimates. The announcement also indicated that MasTec expected to file its 2014 10-K by March 17, 2015.
On March 17, 2015, the Company issued a press release stating that it would not be able to timely file its 2014 Form 10-K and that the Audit Committee was “undertaking additional review of accounting estimates.” As a result of this news, shares of MasTec fell $1.88 or over 9.5% on unusually heavy volume, to close at $17.82 on March 18, 2015. On May 11, 2015, MasTec announced further delays related to the Company’s 10-Q for the first quarter 2015, stating that it “cannot predict the outcome of the Investigation, its ultimate scope or when it will be completed.” The next day, shares of MasTec fell $2.26 or over 12.2% on unusually heavy volume, to close at $16.19.
If you would like to discuss this investigation with us, please contact Jorge Amador at firstname.lastname@example.org or Lynda J. Grant at email@example.com. Jorge Amador is a forensics accounting expert and class action attorney who is a native Spanish speaker. Lynda J. Grant has been representing wronged investors for over 30 years, and was recently selected as a New York Metro Super Lawyer in 2014 and 2015.