Matrix Service Company Investigation
The law firm of Kirby McInerney LLP is investigating potential claims against Matrix Service Company (“Matrix” or the “Company”) (NASDAQ: MTRX). This investigation concerns whether Matrix has violated federal securities laws and/or engaged in other unlawful business practices.
On February 6, 2020, in connection with its second quarter 2020 results, Matrix recorded a goodwill impairment of $24.9 million in its Electrical Infrastructure segment. The Company 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 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 share price fell by $7.00, nearly 35%, closing at $12.85 per share on February 6, 2020, thereby injuring investors.
If you acquired Matrix securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.