Dril-Quip, Inc. (NYSE: DRQ)

This investigation is for anyone who acquired securities in Dril-Quip, Inc. (NYSE: DRQ) prior to July 8, 2024.

The Law Offices of Howard G. Smith believes that the Company and certain of its executives violated federal law. Specifically, the Law Offices of Howard G. Smith believes that the Company misled investors regarding its financial condition. More specifically, the Law Offices of Howard G. Smith believes that the Company misled investors by misclassifying inventory write-downs.

On July 8, 2024, Dril-Quip disclosed that it had “misclassified inventory write-downs from 2021 totaling approximately $67 million, including $19.3 million related to the 2018 global strategic plan and approximately $47.7 million due to the discontinuation of certain product categories under the 2021 global strategic plan.” The Company stated that it would restate consolidated financial statements for the affected period and would “disclose a material weakness in its internal control over financial reporting.” On this news, the price of the Company’s stock dropped precipitously on unusually heavy trading volume.

The Law Offices of Howard G. Smith seeks to recover damages on behalf of class members. If you acquired securities in Dril-Quip, Inc. (NYSE: DRQ) prior to July 8, 2024 you may join the lawsuit by submitting your information online, or you may call the Law Offices of Howard G. Smith and speak to Mr. Smith directly to learn how he can protect your rights.