NEW YORK, Sept. 25, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors of The L.S. Starrett Company (“L.S. Starrett’s” or the “Company”) (NYSE: SCX). Such investors are advised to contact Robert S. Willoughby at newaction@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether L.S. Starrett’s and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On September 15, 2023, L.S. Starrett stated in a filing with the U.S. Securities and Exchange Commission that “[o]n September 11, 2023, management of The L.S. Starrett Company (the ‘Company’), together with the Audit Committee of the Company’s Board of Directors (the ‘Audit Committee’), reached a determination that the Company’s Consolidated Financial Statements as of and for the fiscal year ended June 30, 2022 and 2021, included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the ‘SEC’) on August 25, 2022 (the ‘2022 Annual Report’), and the Company’s Unaudited Condensed Consolidated Financial Statements as of and for the quarter periods ended September 30, 2022 and 2021, December 31, 2022 and 2021 and March 31, 2023 and 2022, included in the Company’s Quarterly Reports on Form 10-Q filed with the SEC on November 3, 2022, February 6, 2023 and May 8, 2023, respectively, collectively the ‘Non-Reliance Periods’, should no longer be relied upon because of errors contained in the ‘Segment Information’ footnotes to the financial statements in those periods.”
On this news, L.S. Starrett’s stock price fell $0.38 per share, or 3.35%, to close at $10.96 per share on September 18, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
888-476-6529 ext. 7980
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