NEW YORK, Sept. 16, 2022 (GLOBE NEWSWIRE) – Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) is investigating claims on behalf of investors in Flowserve Corporation (NYSE:FLS).

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Flowserve investigation

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On September 13, 2022, after the market close, Flowserve announced that earlier in the third quarter it had implemented “a new enterprise resource planning (ERP) system at certain of its high-volume manufacturing facilities” in North America and that “[w]Although most of the company’s ERP transitions have gone live non-disruptively since 2017, the company struggled with implementation challenges during the first two months of Q3, which negatively impacted volumes.” Flowserve also announced that this issue will reduce earnings per share (EPS) by 10 to 12 cents for the quarter. In addition, the company announced that it expects “certain unanticipated increases in corporate spending” and that these spending are expected to impact its results by 8 to 10 cents per share in the third quarter of 2022.

Following this news, Flowserve shares fell $2.36 per share or 7.66% on September 14, 2022 to close at $28.43 per share.

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