Dril-Quip, Inc. (DRQ) Investigation: Bronstein, Gewirtz & Grossman, LLC Encourages Investors to Seek Compensation for Alleged Wrongdoings

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].