NEW YORK, Feb. 11, 2020 (GLOBE NEWSWIRE) -- (GLOBENEWSWIRE) Pomerantz LLP is investigating claims on behalf of investors of Brooks Automation, Inc. (“Brooks” or the “Company”) (NASDAQ: BRKS). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Brooks and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On December 2, 2019, Brooks disclosed that the Company “is unable to file its Annual Report on Form 10-K for its fiscal year ended September 30, 2019 . . . within the prescribed time period without unreasonable effort or expense.” Specifically, Brooks cited an ongoing review of its revenue recognition practices related to the timing of revenue recognition with respect to product shipped from one of the Company’s contract manufacturers within its Semiconductor Solutions Group.
Brooks further stated that its Audit Committee is reviewing the timing of revenue recognition for similar transactions. Separately, Brooks disclosed that it would report a material weakness in the financial reporting of its Brooks Life Sciences segment related to price and quantity of certain billings. On these disclosures, Brooks’ stock price fell $3.16 per share, or 7.06%, to close at $41.61 per share on December 2, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm 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 numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.