Matrix Service Company (MTRX)
Bronstein, Gewirtz & Grossman, LLC Announces Investigation of Matrix Service Company (MTRX)
Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of purchasers of Matrix Service Company (“Matrix” or the Company”) (NASDAQ: MTRX). The investigation concerns whether Matrix and certain of its officers and/or directors have violated federal securities laws.
On February 6, 2020, Matrix announced its financial and operating results for the second fiscal quarter and disclosed that it had recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. In a press release, Matrix stated that “the impairment of the goodwill was due to the financial performance of portions of the power delivery business that led to depressed gross margins, which accelerated during the second quarter.” As a result, Matrix advised investors that it is “implementing significant changes to the operations and management of its Electrical Infrastructure segment, including changes to leadership, modifications to operational processes, changes to mid-level operational personnel, and increased business development resources.” On this news, Matrix’s stock price fell $7.00 per share, or 35.26%, closing at $12.85 per share on February 6, 2020.
If you are aware of any facts relating to this investigation, or purchased Matrix 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.