NEW YORK, May 27, 2020 (GLOBE NEWSWIRE) -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against Hamilton Beach Brands Holding Company (“Hamilton Beach Brands” or the “Company”) (NYSE: HBB) in the United States District Court for the Eastern District of New York on behalf of those who purchased or acquired the securities of Hamilton Beach Brands between February 27, 2020, and May 8, 2020, inclusive (the “Class Period”).  The lawsuit seeks to recover damages for Hamilton Beach Brands investors under the federal securities laws.

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (1) Hamilton had inadequate disclosure controls and procedures and internal control over financial reporting, particularly with respect to one of its Mexican subsidiaries; (2) consequently, Hamilton’s accounting included certain irregularities with respect to the timing of recognition of selling and marketing expenses and the classification of certain expenditures within the statement of operations at this Mexican subsidiary, as well as potential misconduct with respect to the realizability of certain assets of the Mexican subsidiary; (3) as a result of all the foregoing, Hamilton could not accurately attest to its financial results, particularly with respect to these metrics, and was consequently at an increased risk of delaying the filing of its periodic reports with the U.S. Securities and Exchange Commission; and  (4) as a result, Hamilton’s public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

Investors who purchased or otherwise acquired shares of Hamilton Beach Brands during the Class Period should contact the Firm prior to the July 21, 2020 lead plaintiff motion deadline.  A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.  If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at tjmckenna@gme-law.com or gegleston@gme-law.com.

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