NEW YORK, March 2, 2020 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dorman Products, Inc. ("Dorman" or the "Company") (NASDAQ: DORM). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org or 888-476-6529, ext. 9980.
The investigation concerns whether Dorman and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On February 24, 2020, Dorman issued a press release announcing its financial results for the fourth quarter and fiscal year ended December 28, 2019. Among other results, Dorman announced fourth quarter net sales of $239.6 million, down 8% compared to $260.3 million in the prior year, and diluted earnings per share in the quarter on a GAAP basis of $0.54, down 49% compared to $1.05 in the prior year. Dorman also disclosed that "[d]uring the fourth quarter, we recorded an estimated pre-tax charge of $2.8 million ($2.3 million after tax or $0.07 per diluted share) related to the underpayment of duties to U.S. Customs arising from the misclassification of certain imported products over a five-year period. The charge, which is expected to be one-time in nature, follows an internal review and the Company's notification to U.S. Customs of its election to submit to a voluntary prior disclosure process to rectify historical misclassifications and underpayment of duties, as previously reported in the Company's SEC filings. Since discovering the misclassifications, the Company has taken corrective actions with respect to the ongoing classification of products and payment of duties."
On these disclosures, Dorman's stock price fell sharply during intraday trading on February 24, 2020.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
888-476-6529 ext. 9980
SOURCE Pomerantz LLP