SAN DIEGO, Dec. 7, 2024 /PRNewswire/ — The Shareholders Foundation, Inc. announced that a lawsuit was filed for certain investors in DMC Global Inc. (NASDAQ: BOOM) shares
Investors who purchased more than $100,000 in shares of DMC Global Inc. (NASDAQ: BOOM) between May and November 2024 have certain options and there are short and strict deadlines running. Deadline: February 04, 2025. Those DMC Global Inc. (NASDAQ: BOOM investors should contact the Shareholders Foundation at [email protected] or call +1(858) 779 – 1554.
On October 21, 2024, DMC Global Inc. disclosed that it was “revising its guidance” for the quarter ended September 30, 2024, stating that the Company’s adjusted EBITDA is now expected to be approximately $5 million, down from prior guidance for $15-18 million, and that the third quarter financial results “will include inventory and bad debt charges at DynaEnergetics totaling approximately $5 million, as well as lower fixed overhead absorption on reduced sales at both Arcadia and DynaEnergetics.” The Company also revealed that the financial results will include an approximate $142 million non-cash goodwill impairment charge “associated with DMC’s December 2021 acquisition of a controlling interest in Arcadia.”
On November 4, 2024, DMC Global Inc released its third-quarter financial results for the period ending September 30, 2024. Among other results, the Company reported third quarter sales of $152.4 million, down 11% sequentially and year-over-year, as well as the previously disclosed non-cash goodwill impairment charge.
Shares of DMC Global Inc. (NASDAQ: BOOM) declined from $15.98 per share on May 3, 2024, to as low as $7.16 per share on November 21, 2024.
On December 06, 2024, an investor in NASDAQ: BOOM shares filed a lawsuit against DMC Global Inc. The plaintiff alleges that between May 3, 2024 and November 4, 2024, the defendants made materially false and misleading statements and failed to disclose the following adverse facts about DMC Global’s business, operations, and prospects which were known to defendants or recklessly disregarded by them: (i) the goodwill associated with the company’s principal business segment, Acadia Products, was overstated due to the adverse events and circumstances affecting that reporting segment; (ii) DMC Global’s materially inadequate internal systems and processes were adversely affecting its operations; (iii) the company’s inadequate systems and processes prevented it from ensuring reasonably accurate guidance and that its public disclosures were timely, accurate, and complete; (iv) as a result, defendants misrepresented DMC Global’s operations and financial results; and/or (v) as a result, the company’s public statements were materially false, misleading, or lacked a reasonable basis when made.
Those who purchased shares of DMC Global Inc. (NASDAQ: BOOM) should contact the Shareholders Foundation, Inc.
CONTACT:
Shareholders Foundation, Inc.
Michael Daniels
+1 (858) 779-1554
[email protected]
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. Any referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is only provided as a public service. It is not intended as legal advice and should not be relied upon.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lawsuit-for-investors-who-lost-over-100-000-in-shares-of-dmc-global-inc-nasdaq-boom-between-may-and-nov-2024-announced-by-shareholders-foundation-302325435.html
SOURCE Shareholders Foundation, Inc.
Featured Image: Depositphotos @ Iurii
