NEW YORK, Feb 24, 2018 (BUSINESS WIRE) —
Pomerantz LLP announces that a class action lawsuit has been filed
against AZZ Inc. (“AZZ” or the “Company”)
AZZ, -1.29%
and certain of its
officers. The class action, filed in United States District Court for
the Northern District of Texas, Fort Worth Division, is on behalf of a
class consisting of investors who purchased or otherwise acquired the
securities of AZZ between April 22, 2015 and January 8, 2018, both dates
inclusive (the “Class Period”). Plaintiff seeks to recover compensable
damages caused by Defendants’ violations of the federal securities laws
and to pursue remedies under Sections 10(b) and 20(a) of the Securities
Exchange Act of 1934 (the “Exchange Act”) and Rule 10b-5 promulgated
thereunder.
If you are a shareholder who purchased AZZ securities between August 4,
2017, and January 5, 2018, both dates inclusive, you have until March
12, 2018, to ask the Court to appoint you as Lead Plaintiff for the
class. To discuss this action, contact Robert S. Willoughby at rswilloughby@pomlaw.com
or 888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who
inquire by e-mail are encouraged to include their mailing address,
telephone number, and quantity of shares purchased.
[Click
here to join this class action]
AZZ manufactures specialty electrical equipment and components for the
global power generation, power transmission, and distribution markets.
The Company also provides hot dip galvanizing services to the steel
fabrication industry across the United States.
The Complaint alleges that throughout the Class Period, Defendants made
materially false and misleading statements regarding the Company’s
business, operational and compliance policies. Specifically, Defendants
made false and/or misleading statements and/or failed to disclose that:
(i) that the Company misstated revenues for its Energy Segment for the
duration of the Class Period; (ii) that it had failed to report revenues
in compliance with FASB’s Accounting Standards Codification
605-35-25-92, (iii) that the Company lacked adequate internal controls
over financial reporting; (iv) that its purported efforts, over more
than two years, to evaluate revenue recognition standards had been an
apparent failure; and that (v) as a result of the foregoing, AZZ’s
publicly disseminated financial statements were materially false and
misleading.
On January 9, 2018, AZZ announced: “that the Company historically should
have accounted differently for certain contracts within its Energy
Segment.” Specifically, the Company reported that revenue for the
contracts at issue “was historically recognized for the Energy Segment
upon transfer of title and risk to customers or based upon the
percentage of completion method of accounting for electrical products
built to customer specifications,” but that “in the case of contracts
for which revenue was recorded upon contract completion and transfer of
title, the Company instead should have applied the percentage of
completion method.” AZZ advised investors that it “is currently
reviewing whether . . . there are any significant impacts to the
Company’s audited consolidated financial statements for the fiscal years
ended February 28, 2015, and 2017, and the fiscal year ended February
29, 2016, as contained in its 2017 Annual Report on Form 10-K and the
previously issued unaudited financial statements contained in its
Quarterly Reports on Form 10-Q for the quarters ended May 31, 2017, and
August 31, 2017.”
On this news, AZZ’s share price fell $3.14, or 6.2%, to close at $47.50
on January 9, 2018.
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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180224005005/en/
SOURCE: Pomerantz LLP
Pomerantz LLP
Robert S. Willoughby
rswilloughby@pomlaw.com
Copyright Business Wire 2018