NEW YORK, NY / ACCESSWIRE / November 22, 2024 / Pomerantz LLP is investigating claims on behalf of investors of CECO Environmental Corp. ("CECO" or the "Company") (NASDAQ:CECO). Such investors are advised to contact Danielle Peyton at [email protected] or 646-581-9980, ext. 7980.
The investigation concerns whether CECO and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 29, 2024, CECO issued a press release announcing its financial results for the third quarter of 2024. Among other items, CECO reported non-GAAPP earnings per share of $0.14, missing consensus estimates by $0.06, and revenue of $135.51 million, representing a 9.3% decline year-over-year and missing consensus estimates by $20.43 million. In the press release, CECO's Chief Executive Officer stated that "[w]e were disappointed that we fell short of the anticipated quarterly revenue and income outlook as a handful of customer-driven delays in larger projects could not be overcome by continued progress with margin expansion and other actions."
On this news, CECO's stock price fell $3.75 per share, or 14.25%, to close at $22.56 per share on October 29, 2024.
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SOURCE: Pomerantz LLP