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Investigations  /  06.24.2020

Investigation of Hamilton Beach Brands Holding Company

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Hamilton Beach Brands Holding Company (HBB) Accused of Misleading Shareholders 

On February 27, 2020, Hamilton filed its annual report for 2019 and assured investors that its “disclosure controls and procedures [were] effective” as well as its internal control over financial reporting. Later that day in an earnings call, Hamilton stated that its international markets, which includes Mexico, “have generated a compound annual growth rate of more than 5% in the past five years” and went on to state that “Mexico… [has] just taken off in the past year to 18 months and the team has done a great job to be really on the forefront of that market.” Contrary to these positive presentations, on May 11, 2020, Hamilton revealed that it was unable to timely file its 1Q20 10-Q because of “certain accounting irregularities with respect to the timing of selling and marketing expenses and the classification of certain expenditures within the statement of operations at its Mexican subsidiary.” On this news, Hamilton’s stock price fell almost 9% to close at $10.43 per share.

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