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Last Price$208.57Cboe Closing Price as of 3:59PM ET 8/13/20
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Day Low / High$208.17 - 211.35
Volume19.2 M

Mohawk Industries Gets Class Action Suit, Subpoenas - Stock Down 9% After-Hours

5:43PM ET 7/13/2020 MT Newswires
Mohawk Industries (MHK) said on Monday an amended class action complaint for violations of federal securities laws was filed against the company and its CEO Jeff Lorberbaum in the northern district of Georgia. The company said it intends to defend itself in the lawsuit.

The allegations include fabricating revenues by attempting delivery to customers that were closed and recognizing these attempts as sales and overproduced product to report higher operating margins and maintained significant inventory that was not salable, according to its regulatory filing.

Mohawk also said in the filing that it has received subpoenas issued by the US Attorney's Office for the Northern District of Georgia and the US Securities and Exchange Commission on topics similar to those raised by the lawsuit and is cooperating with those authorities.

Price: 68.55, Change: -8.05, Percent Change: -10.51