Investors can contact the law firm at no cost to learn more about recovering their losses
LOS ANGELES, Nov. 05, 2024 (GLOBE NEWSWIRE) -- The Portnoy Law Firm advises DMC Global Inc. (“DMC” or “the Company”) (NASDAQ: BOOM) investors that the firm has initiated an investigation into possible securities fraud and may file a class action on behalf of investors. DMC investors that lost money on their investment are encouraged to contact Lesley Portnoy, Esq.
Investors are encouraged to contact attorney Lesley F. Portnoy, by phone 310-692-8883 or email: info@portnoylaw.com, to discuss their legal rights, or click here to join the case. The Portnoy Law Firm can provide a complimentary case evaluation and discuss investors’ options for pursuing claims to recover their losses.
On October 21, 2024, DMC revised its financial outlook for the quarter ending September 30, 2024, significantly lowering its adjusted EBITDA projection to approximately $5 million, down from the previously expected range of $15 to $18 million. The company also stated that its third-quarter results would include roughly $5 million in charges related to inventory and bad debts at DynaEnergetics, as well as reduced fixed overhead absorption due to weaker sales at both Arcadia and DynaEnergetics. Additionally, DMC disclosed an approximate $142 million non-cash goodwill impairment charge linked to its acquisition of a majority stake in Arcadia in December 2021.
Following this announcement, DMC's stock price dropped by $2.36, or 18.3%, closing at $10.57 per share on October 22, 2024, causing significant losses for investors.
Further developments unfolded on November 4, 2024, when DMC released its third-quarter financial results for the period ending September 30, 2024. In response, DMC's stock continued to slide, with a drop of more than 10% observed during midday trading on November 5, 2024.
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The Portnoy Law Firm represents investors in pursuing claims against caused by corporate wrongdoing. The Firm’s founding partner has recovered over $5.5 billion for aggrieved investors. Attorney advertising. Prior results do not guarantee similar outcomes.
Lesley F. Portnoy, Esq.
Admitted CA, NY and TX Bars
lesley@portnoylaw.com
310-692-8883
www.portnoylaw.com
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