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Levi & Korsinsky announces it has commenced an investigation of Belden Inc. (“Belden” or “the Company”) (NYSE: BDC) concerning possible violations of federal securities laws.
On February 1, 2018, BDC reported poor financial results for the fiscal year 2017. Then on February 13, 2018, BDC filed a Form 10-K disclosing that within its Grass Valley business unit it “did not maintain internal controls that were sufficiently designed and operating effectively to ensure that all revenue recognition criteria were satisfied prior to the recognition of revenue.” As a result, the Company determined that “the deficiency represents a material weakness in the Company’s internal control over financial reporting…” Then on December 3, 2018, BDC filed a Form 8-K disclosing that the United States Securities and Exchange Commission had commenced an investigation of the Company.