Thieler Law Corp advises investors with losses exceeding $100,000 of the July 6, 2015 lead plaintiff deadline in a class action lawsuit filed against MasTec Inc (NYSE: MTZ) (“MasTec” or “the Company”). The suit is pending in the U.S. District Court for the Southern District of Florida and investors, who purchased MasTec securities between August 12, 2014 and March 17, 2015, have until July 6, 2015 to move for lead plaintiff. You do not need to move for lead plaintiff to be a member of the Class.

If you purchased MasTec securities during the Class Period, and have losses over $100,000, you may contact Thieler Law Corp by calling at (619) 866-6157 or emailing mail@thielerlaw.com.  No class has been certified in this case, and if your losses are less than $100,000 you are still a member of the class.

The complaint alleges that during the Class Period defendants made false and misleading statements and/or allegedly failed to disclose that certain cost to complete estimates recognized during the third quarter of 2014, currently believed to be between zero to $13 million, should have been recognized during the second quarter of 2014.  Additionally, the complaint claims that MasTec’s internal control over financial reporting was ineffective and as a result, MasTec’s public statements were materially false and misleading at all relevant times.

On March 17, 2015, MasTec announced that the Company will not be able to timely file its Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Per MasTec, the delay is the result of an ongoing independent internal investigation by the Audit Committee and its independent counsel, and that the Audit Committee “has not reached any conclusions and is undertaking additional review of accounting estimates.” MasTec further stated that it “cannot predict the outcome of the Audit Committee’s investigation, its ultimate scope or when it will be completed.”

After these details were made public, MasTec shares dropped $1.88 or over 9.5% on unusually heavy volume, closing at $17.82 on March 18, 2015.If you were negatively impacted by your investment in MasTec securities between August 12, 2014 and March 17, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.

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