Investor Alert: Kaplan Fox Announces Investigation Of Brooks Automation, Inc.
NEW YORK, Dec. 4, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors of Brooks Automation, Inc. ("Brooks Automation" or the "Company") (NASDAQ: BRKS).
On December 2, 2019, Brooks Automation disclosed that the Company "is unable to file its Annual Report on Form 10-K for its fiscal year ended September 30, 2019 . . . within the prescribed time period without unreasonable effort or expense." The Company cited an ongoing review of its revenue recognition practices related to the timing of revenue recognition with respect to product shipped from one of the Company's contract manufacturers within its Semiconductor Solutions Group. Additionally, the Company stated that management, in consultation with the Audit Committee, is also reviewing the timing of revenue recognition for similar transactions.
Also, on December 2, 2019, aside from the review of the timing of revenue recognition, the Company disclosed that it expects to report a material weakness in the financial reporting of its Brooks Life Sciences segment related to the price and quantity of certain billings. In this regard, Brooks Automation disclosed that "the Company did not maintain effective controls to verify the accuracy of the price and quantity data for customer transactions entered into the business unit's billing system, and to verify that the invoices generated from the billing system were based on the appropriate amounts." However, the Company represented that the material weakness "did not result in any misstatements that are material to the Company's consolidated financial statements for any reported period."
Following these disclosures, Brooks Automation's stock price fell $3.16 per share, or more than 7%, to close at $41.61 per share on December 2, 2019. The stock price continued to decline the next trading day.
If you would like to discuss the complaint or our investigation, please contact us by emailing [email protected] or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, your rights, or your interests, please contact:
Donald R, Hall
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: [email protected]
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: [email protected]
SOURCE Kaplan Fox & Kilsheimer LLP
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