Core Viewpoint - Dril-Quip and Innovex have decided to waive the requirement for Dril-Quip's stockholders to approve a charter amendment, facilitating a smoother merger process [1][3][7] Group 1: Merger Details - The charter amendment proposal and related governance proposals have been withdrawn from the agenda of Dril-Quip's special stockholders meeting scheduled for September 5, 2024 [2][3] - The removal of these governance provisions aims to streamline the merger process between Dril-Quip and Innovex [3][6] Group 2: Shareholder Engagement - The decision to withdraw the charter amendment was influenced by shareholder feedback, indicating concerns over certain governance provisions [4][5] - Dril-Quip's chairman emphasized the company's commitment to strong corporate governance and responsiveness to shareholder input [5][6] Group 3: Strategic Implications - Despite the withdrawal of the charter amendment proposal, the merger remains on track, with both companies reaffirming their commitment to completing it [6][7] - The strategic benefits and value creation for stakeholders are highlighted as key motivations for the merger [6][7]

Core Viewpoint - Dril-Quip, Inc. is facing significant opposition to its proposed merger with Innovex Downhole Solutions, primarily from GAMCO, which holds 8.32% of Dril-Quip's shares, and Institutional Shareholder Services (ISS) has issued a mixed recommendation regarding the merger [1][2][5] Merger Details - The merger aims to combine Dril-Quip and Innovex under the Innovex Downhole Solutions name, potentially creating a more resilient earnings profile [3] - Concerns have been raised about the merger terms, as Innovex and Amberjack Partners would gain control of the combined entity without providing a control premium to Dril-Quip shareholders [3][4] - The new board structure would consist of up to nine directors, with Amberjack appointing four members, Innovex's CEO, and Dril-Quip appointing the remaining four, effectively giving majority control to Innovex and Amberjack [4] Compensation Issues - Dril-Quip's CEO Jeff Bird is expected to receive a compensation package of $8.1 million, while CFO Kyle McClure is set to receive $3.8 million due to the change of control triggered by the merger [4] Shareholder Sentiment - The future of the merger remains uncertain as shareholders prepare to vote, with significant opposition and governance concerns still prevalent [5]

Core Viewpoint - Rosen Law Firm is investigating potential securities claims on behalf of shareholders of Dril-Quip, Inc. due to allegations of materially misleading business information issued by the company [1]. Group 1: Company Disclosure - On July 8, 2024, Dril-Quip filed a current report with the SEC, revealing an error in the classification of inventory write-downs from 2021, which resulted in an understatement of "Cost of sales" and an overstatement of "Restructuring and other charges" by $67 million for the fiscal year ended December 31, 2021 [3]. - The Audit Committee concluded that the consolidated financial statements for the affected period should no longer be relied upon due to the aforementioned error, affecting all previously issued reports and communications [3]. - Dril-Quip's management stated that the company's disclosure controls and procedures as of December 31, 2023, were ineffective and that restated consolidated financial statements for the affected period would be filed [3]. Group 2: Market Reaction - Following the disclosure of the errors, Dril-Quip's stock price fell by 9.9% on July 9, 2024 [3]. Group 3: Legal Action - Shareholders who purchased Dril-Quip securities may be entitled to compensation through a class action lawsuit being prepared by Rosen Law Firm, which operates on a contingency fee basis [2].

Dril-Quip Inc (DRQ) reported a second-quarter 2024 adjusted earnings of 10 cents per share against a year-ago quarter loss of 3 cents. The company's total quarterly revenues of $120.3 million increased from the year-ago quarter's $89.6 million. The strong quarterly results were owing to contributions from Subsea Products and Well Construction business activities. Q2 Performance Dril-Quip reported that in the June quarter, it booked Subsea Products orders of $54.1 million, reflecting a sequential rise of 25% ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (MARK ONE) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |-----------------------------------------------------------------------------|-------------------------------------------| | | | | Commission file number 001-13439 | | | DRIL- ...

Exhibit 99.1 DRIL-QUIP, INC. ANNOUNCES SECOND QUARTER 2024 RESULTS HOUSTON, August 1, 2024 — Dril-Quip, Inc. (NYSE: DRQ), (the "Company" or "Dril-Quip"), a developer, manufacturer and provider of highly engineered equipment, service, and innovative technologies for use in the energy industry, today reported operational and financial results for the three months ended June 30, 2024. Second Quarter Highlights • Revenue of $120.3 million, an increase of 9.1% sequentially and 34.3% year-over-year • Subsea Produ ...

NEW YORK, July 20, 2024 (GLOBE NEWSWIRE) -- Rosen Law Firm, a global investor rights law firm, continues to investigate potential securities claims on behalf of shareholders of Dril-Quip, Inc. (NYSE: DRQ) resulting from allegations that Dril-Quip, Inc. may have issued materially misleading business information to the investing public. So What: If you purchased Dril-Quip securities you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. Th ...

Core Viewpoint - Dril-Quip, Inc. disclosed a $67 million accounting error related to inventory write-downs, leading to a significant drop in its stock price and raising concerns about the reliability of its previous financial statements [9]. Investigation Details - Bronstein, Gewirtz & Grossman, LLC is investigating potential claims on behalf of investors who purchased Dril-Quip securities, encouraging affected investors to participate in the investigation [3][7]. - The firm has a history of representing investors in securities fraud class actions and has recovered hundreds of millions of dollars for clients [8]. Financial Impact - The accounting error involved misclassifying inventory write-downs from 2021, which resulted in an understatement of 'Cost of sales' and an overstatement of 'Restructuring and other charges' by $67 million for the fiscal year ended December 31, 2021 [9]. - Following the announcement of the error, Dril-Quip's stock price fell by approximately 9.9%, from $17.77 to $16.01 per share [9].

NEW YORK, July 16, 2024 (GLOBE NEWSWIRE) -- WHY: Rosen Law Firm, a global investor rights law firm, announces an investigation of potential securities claims on behalf of shareholders of Dril-Quip, Inc. (NYSE: DRQ) resulting from allegations that Dril-Quip, Inc. may have issued materially misleading business information to the investing public. WHAT TO DO NEXT: To join the prospective class action, go to https://rosenlegal.com/submit-form/? case_id=27144 or call Phillip Kim, Esq. toll-free at 866-767-3653 o ...

NEW YORK, July 15, 2024 /PRNewswire/ -- What to do next: To join the prospective class action, go to https://rosenlegal.com/submit-form/?case_id=27144 or call Phillip Kim, Esq. toll-free at 866-767-3653 or email [email protected] for information on the class action. Further, Dril-Quip disclosed that "after considering the recommendations of management and discussion with the Company's independent registered public accounting firm[,] the Audit Committee of our board of directors ("Audit Committee") concluded ...