Brooks Automation, Inc. (BRKS)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Brooks Automation, Inc. (BRKS)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Brooks Automation, Inc. (“Brooks” or the “Company”) (NASDAQ: BRKS). The investigation concerns whether Brooks and certain of its officers and/or directors have violated federal securities laws.
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.
If you are aware of any facts relating to this investigation, or purchased Brooks shares, you can assist this investigation by contacting Peretz Bronstein or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC: 212-697-6484.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.