Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Redwire Corporation f/k/a Genesis Park Acquisition Corp. (“Redwire” or the “Company”) (NYSE: RDW) securities between August 11, 2021 and November 14, 2021, inclusive (the “Class Period”). Redwire investors have until February 15, 2022 to file a lead plaintiff motion.
Investors suffering losses on their Redwire investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On November 10, 2021, Redwire announced that it would postpone the release of its third quarter earnings results. The Company “was notified by an employee of potential accounting issues at a business subunit,” and the Audit Committee was investigating the allegations.
On this news, Redwire’s stock price fell $1.92, or 16%, to close at $9.99 per share on November 10, 2021, on unusually heavy trading volume.
Then, on November 15, 2021, Redwire stated that it could not timely file its quarterly report for the period ended September 30, 2021. Due to the pending investigation into the accounting issues at a business subunit, “the Company has not been able to finalize its financial statements or its assessment of the effectiveness of its disclosure controls and procedures and any impact” on the report.
On this news, Redwire’s stock price fell $0.93, or 8.3%, over two consecutive trading sessions to close at $10.32 per share on November 16, 2021, on unusually heavy trading volume.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) that there were accounting issues at one of Redwire’s subunits; (2) that, as a result, there were additional material weaknesses in Redwire’s internal control over financial reporting; and (3) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased Redwire securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20211220005138/en/
Contacts
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
888-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
