Acuity Brands, Inc. (NYSE:AYI) Investor Securities Class Action Lawsuit 01/03/2018

If you purchased a significant amount of shares of Acuity Brands, Inc. (NYSE:AYI) between June 29, 2016, and April 3, 2017, and / or if you purchased any NYSE:AYI shares prior to June 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: March 5, 2018. NYSE:AYI investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Acuity Brands
Case Name: 
Acuity Brands Shareholder Class Action Lawsuit 01/03/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: AYI
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/03/2018
Class Period Begin: 
06/29/2016
Class Period End: 
04/03/2018
Court of Filing: 
U.S. District Court for the District of Delaware
Deadline To File for Lead: 
03/05/2018
Summary: 

An investor in shares of Acuity Brands, Inc. (NYSE:AYI) filed a lawsuit in the U.S. District Court for the District of Delaware over alleged violations of Federal Securities Laws by Acuity Brands, Inc. in connection with certain allegedly false and misleading statements made between June 29, 2016, and April 3, 2017.

Atlanta, GA based Acuity Brands, Inc. is a provider of lighting solutions for commercial, institutional, industrial, infrastructure and residential applications throughout North America and other international markets. Acuity Brands, Inc. reported that its Total Revenue rose from over 42.7 billion for the 12 months period that ended on August 31, 2015 to over $3.29 billion for the 12 months period that ended on August 31, 2016 and that its Net Income for those time period increased from $222.10 million to $290.80 million.

Shares of Acuity Brands, Inc. (NYSE:AYI) reached in August 2016 as high as $277.56 per share.

On October 5, 2016, Acuity Brands, Inc released the first in a series of disappointing quarterly financial and operational reports to investors. During a conference call to discuss the Company’s fourth quarter and full-year fiscal 2016 financial results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, explained that “[t]his year’s presidential election in the US and events such as UK’s referendum vote to exit the European Union continue to create uncertainty and volatility.”

Then, on January 9, 2017, Acuity Brands, Inc issued an announcement to report financial and operational results for the first quarter fiscal 2017. During a conference call to discuss those results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, represented that “[d]emand softened in the back half of the quarter particularly for smaller projects apparently due to, what many of our customers are telling us, election jitters,” and that profitability suffered from carrying excess employees during the quarter “with the anticipation of higher volumes” of sales than that actually generated.

Finally, on April 4, 2017, Acuity Brands, Incissued a press release to report financial and operational results for the second quarter fiscal 2017. During a conference call to discuss those results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, continued to blame “the impact of continued softness in demand for certain short cycle, small lighting projects,” but acknowledged for the first time that demand softness “could potentially linger into the second half of 2017.”
Shares of Acuity Brands, Inc. (NYSE:AYI) declined to as low as $156.39 per share in October 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Acuity Brands, Inc. (NYSE:AYI) common shares between June 29, 2016, and April 3, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 29, 2016, and April 3, 2017, the defendants concealed known trends negatively impacting sales of the Company’s products; and overstated the Company’s ability to achieve profitable sales growth, and that as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about Acuity’s current and future business and financial prospects.