Core Viewpoint - Dril-Quip, Inc. is under investigation for potential violations of federal securities laws and unlawful business practices following the disclosure of a significant error in inventory write-down classifications [1][3]. Financial Disclosure - On July 8, 2024, Dril-Quip revealed an error in classifying inventory write-downs from 2021, totaling approximately $67 million, which included $19.3 million related to a 2018 strategic plan and $47.7 million due to product discontinuations under a 2021 plan [3]. - The misclassification led to 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]. - Dril-Quip stated that previous financial statements for the affected period should no longer be relied upon and will be restated [3]. Market Reaction - Following the announcement, Dril-Quip's share price fell by $1.76, or approximately 9.9%, from $17.77 on July 8, 2024, to close at $16.01 on July 9, 2024 [3]. Company Controls - The company acknowledged that its disclosure controls and procedures as of December 31, 2023, were not effective [3].

NEW YORK, July 10, 2024 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of Dril-Quip, Inc. ("Dril-Quip" or the "Company") (NYSE: DRQ). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980. The investigation concerns whether Dril-Quip and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices. [Click here for information about joining the class action] On July 8, 2024, Dril-Qu ...

Details of the Error This misclassification resulted in an understatement of "Cost of sales" and an overstatement of "Restructuring and other charges" by $67 million for the fiscal year that ended on Dec 31, 2021. Importantly, this error did not affect its Income (loss) before income taxes, Net income (loss), or Adjusted EBITDA. On Jul 8, 2024, Dril-Quip's Audit Committee, after consulting with management and its independent registered public accounting firm, PricewaterhouseCoopers LLP ("PwC"), determined t ...

Dril-Quip, Inc. (DRQ) reported a first-quarter 2024 adjusted loss of 62 cents per share, which is wider than the year-ago quarter’s loss of 1 cents.The company’s total quarterly revenues of $110.3 million increased from the year-ago quarter’s $90.9 million. In comparison to the first quarter of 2023, the rise was primarily fueled by the inclusion of Great North, contributing $25.1 million in the quarter. This was partly counterbalanced by decreased Subsea Product sales.Significant increases in total costs a ...

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 March 31, 2024 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission file number 001-13439 DRIL-QUIP, INC. (Exact name of registrant as specified in its charter) DELAWARE 74-2162088 (State or other jurisdiction of incorporation or organization) 20 ...

Exhibit 99.1 DRIL-QUIP, INC. ANNOUNCES FIRST QUARTER 2024 RESULTS HOUSTON, May 2, 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 March 31, 2024. First Quarter Highlights Operational and Financial Results Revenue, Cost of Sales and Gross Operating Margin Consolidated revenue ...

NEW YORK, March 20, 2024 /PRNewswire/ -- Kuehn Law, PLLC, a shareholder litigation law firm, is investigating potential claims related to the below-listed proposed mergers.  Kuehn Law may seek additional disclosures or other relief on behalf of the shareholders of these companies.  Kuehn Law is investigating whether the Boards of the below companies 1) acted to maximize shareholder value, 2) failed to disclose material information, and 3) conducted a fair process:  Dril-Quip has agreed to merge with Innovex ...

Dril-Quip, Inc. (DRQ) and Innovex Downhole Solutions, Inc. have announced a definitive agreement to merge, creating a unique and innovative energy platform. The all-stock transaction, disclosed in a recent press release, positions the combined entity as a frontrunner in innovation, boasting an expanded scale, diverse product portfolio and an extensive geographic footprint.Dril-Quip, renowned for its expertise in developing, manufacturing and providing highly engineered equipment and services for the global ...

HOUSTON--(BUSINESS WIRE)--Dril-Quip, Inc. (NYSE: DRQ), (“Dril-Quip”), a leading developer, manufacturer and provider of highly engineered equipment and services for the global offshore and onshore oil and gas industry, and Innovex Downhole Solutions, Inc. (“Innovex”), a global leading provider of mission-critical technologies and services across the well lifecycle for the oil and gas industry, today announced a definitive agreement under which Dril-Quip and Innovex will merge in an all-stock transaction to ...

Dril-Quip, Inc. (DRQ) reported fourth-quarter 2023 adjusted earnings of 4 cents per share, which missed the Zacks Consensus Estimate of 11 cents. The bottom line also declined from the year-ago quarter’s 6 cents.The company’s total quarterly revenues of $126 million increased from the year-ago quarter’s figure of $97 million. The figure, however, missed the Zacks Consensus Estimate of $136 million.Significant rise in total costs and expenses led to weak quarterly earnings.Q4 PerformanceDril-Quip reported ne ...