Jan 03, 2018 (ACCESSWIRE via COMTEX) — NEW YORK, NY / ACCESSWIRE / January 3, 2018 / Pomerantz LLP is investigating claims on behalf of investors of Acuity Brands, Inc. (“Acuity” or the “Company”)
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Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 9980.
The investigation concerns whether Acuity and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On October 5, 2016, Acuity announced financial and operating results for the Company’s fourth quarter and fiscal year 2016 (ended August 31, 2016) that fell below expectations, citing “uncertainty and volatility” associated with the U.S. presidential election and the U.K.’s referendum vote to exit the European Union. On this news, Acuity’s share price fell $12.01, or 4.7%, to close at $242.99 on October 5, 2016.
On January 9, 2017, Acuity announced financial and operating results for the first quarter of the Company’s fiscal year 2017 (ended November 30, 2016), advising investors of lower-than-expected sales, which the Company attributed to weaker customer demand “apparently due to . . . election jitters.” On this news, Acuity’s share price fell $34.85, or 14.7%, to close at $202.51 on January 9, 2017.
On April 4, 2017, Acuity reported financial and operating results for the second quarter of the Company’s fiscal year 2017 (ended February 28, 2017), continuing to blame “the impact of continued softness in demand for certain short cycle, small lighting projects,” but acknowledging for the first time that demand softness “could potentially linger into the second half of 2017.” On this news, Acuity’s share price fell $30.13, or 14.8%, to close at $173.93 on April 4, 2017.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
SOURCE: Pomerantz LLP
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