Shares in Mohawk Industries (MHK) dropped almost 5% in extended market trading on Monday after the flooring company disclosed that it is being sued for allegedly “fabricating” sales and overproducing products to report higher operating margins, among other violations.The stock declined to $72.99 in Monday’s after-market trading. According to a SEC filing, an amended class action complaint for violations of federal securities laws was filed against Mohawk and its CEO Jeff Lorberbaum in the Northern District of Georgia on June 29. The complaint alleges that Mohawk fabricated revenues by attempting delivery to customers that were closed and reporting these as …read more
Source:: Yahoo Finance
