ROSEN, NATIONAL TRIAL LAWYERS, Encourages Dril-Quip, Inc. Investors to Inquire About Securities Class Action Investigation – DRQ

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].