The Law Offices of Frank R. Cruz announces an investigation of Gencor Industries, Inc. (“Gencor” or the “Company”) (NYSE American: GENC) on behalf of investors concerning the Company’s possible violations of federal securities laws.
IF YOU ARE AN INVESTOR WHO LOST MONEY ON GENCOR INDUSTRIES, INC. (GENC), CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING A CLAIM TO RECOVER YOUR LOSS.
What Is The Investigation About?
On December 17, 2024, Gencor disclosed that it would be unable to timely file its Annual Report due to an audit of internal control over financial reporting. Additionally, the Company reported that “material weaknesses exist in the Company’s internal control over financial reporting related to (i) information technology general controls, (ii) controls over key third-party service provider System and Organizational reports, (iii) controls over the period-end close process, and (iv) the monitoring of the Company’s internal control framework.” On this news, Gencor’s stock price fell $3.00, or 14.2%, over two consecutive trading days, to close at $18.06 per share on December 19, 2024, thereby injuring investors.
Then, on January 10, 2025, Gencor disclosed that it had received a notice from NYSE Regulation, notifying the Company that it was not in compliance with continued listing standards. On this news, Gencor’s stock price fell $0.60, or 3.7%, to close at $15.51 per share on January 10, 2025.
Then, on February 11, 2025, Gencor disclosed that it would be unable to timely file its first quarter 2025 financial results, stating that it “continues to experience the delays” previously disclosed “and requires additional time to complete certain analyses necessary for the completion of the financial statements,” and, as a result, “the delay in the finalizing of the 2024 Audit and the delay in finalizing the 2024 Annual Report have resulted in the corresponding delay in the Company’s ability to prepare and file timely the Q1 10-Q.”
Contact Us To Participate or Learn More:
If you purchased Gencor securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
The Law Offices of Frank R. Cruz,
2121 Avenue of the Stars, Suite 800,
Century City, California 90067
Call us at: 310-914-5007
Email us at: info@frankcruzlaw.com
Visit our website at: www.frankcruzlaw.com.
Follow us for updates on Twitter at twitter.com/FRC_LAW.
If you inquire by email, please include your mailing address, telephone number, and number of shares purchased.
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View source version on businesswire.com: https://www.businesswire.com/news/home/20250212841685/en/
Contacts
Contact Us:
The Law Offices of Frank R. Cruz, Los Angeles
Frank R. Cruz
310-914-5007
fcruz@frankcruzlaw.com
www.frankcruzlaw.com
