Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against RBC Bearings Incorporated (“RBC” or the “Company”) (NASDAQ: ROLL) on behalf of RBC stockholders. Our investigation concerns whether RBC has violated the federal securities laws and/or engaged in other unlawful business practices.
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On August 4, 2022, in a filing with the U.S. Securities and Exchange Commission, RBC disclosed “that the previously issued consolidated financial statements as of and for the years ended April 2, 2022, April 3, 2022, and March 28, 2020 and the consolidated financial statements for the quarters therein (the “Affected Periods”) included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on May 26, 2022 contained an error related to the accounting of non-cash stock-based compensation granted to the Company’s CEO and COO. As a result of this error, the Audit Committee determined that the Company’s consolidated financial statements for the Affected Periods included in the 2022 Annual Report on Form 10-K should not be relied upon and should be restated by adjusting selling, general and administrative expenses to reflect non-cash stock-based compensation that should have been recognized in each of the Affected Periods.”
On this news, RBC’s stock price fell $16.68 per share, or 6.71%, to close at $231.91 per share on August 4, 2022.
If you purchased or otherwise acquired RBC shares and suffered a loss, are a long-term stockholder, have information, 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 Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, by telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
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Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.