Dorman Products, Inc. (DORM)
DORM ALERT - Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Dorman Products, Inc.
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Dorman Products, Inc.(“Dorman” or the Company”) (NASDAQ: DORM). The investigation concerns whether Dorman and certain of its officers and/or directors have violated federal securities laws.
On February 24, 2020, Dorman issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 28, 2019. Among other results, Dorman announced fourth quarter net sales of $239.6 million, down 8% compared to $260.3 million in the prior year, and diluted earnings per share in the quarter on a GAAP basis of $0.54, down 49% compared to $1.05 in the prior year. Dorman also disclosed that “[d]uring the fourth quarter, we recorded an estimated pre-tax charge of $2.8 million ($2.3 million after tax or $0.07 per diluted share) related to the underpayment of duties to U.S. Customs arising from the misclassification of certain imported products over a five-year period. The charge, which is expected to be one-time in nature, follows an internal review and the Company’s notification to U.S. Customs of its election to submit to a voluntary prior disclosure process to rectify historical misclassifications and underpayment of duties, as previously reported in the Company’s SEC filings. Since discovering the misclassifications, the Company has taken corrective actions with respect to the ongoing classification of products and payment of duties.” On these disclosures, Dorman’s stock price fell sharply during intraday trading on February 24, 2020.
If you are aware of any facts relating to this investigation, or purchased Dorman shares, you can learn more about the 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.