AZZ Inc (NYSE: AZZ) Investor Securities Class Action Lawsuit 01/11/2018

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Company Name(s): 
AZZ
Case Name: 
AZZ Shareholder Class Action Lawsuit 01/11/2018
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: AZZ
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/11/2018
Class Period Begin: 
04/22/2015
Class Period End: 
01/08/2018
Court of Filing: 
U.S. District Court for the Northern District of Texas
Deadline To File for Lead: 
03/12/2018
Summary: 

August 9, 2018 - Lead plaintiff and lead counsel were appointed.

March 12, 2018 - Lead plaintiff motions were filed.

January 11, 2018 - An investor in shares of AZZ Inc (NYSE: AZZ) filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by AZZ Inc in connection with certain allegedly false and misleading statements made between April 22, 2015 and January 8, 2018.

Fort Worth, TX based AZZ Inc is a provider of galvanizing services, welding solutions, specialty electrical equipment and engineered services to the power generation, transmission, distribution, refining and industrial markets. On January 9, 2018, AZZ Inc announced that upon the recommendation of the Company’s management and in consultation with the Company’s Audit Committee and independent registered public accounting firm, BDO USA, LLP, on January 4, 2018 determined that the Company historically should have accounted differently for certain contracts within its Energy Segment. As a result, AZZ Inc is reviewing the impact of this change on its historical accounting and financial results from 2015 through 2017 and announced it is delaying the release of its Form 10-Q for the quarter ended November 30, 2017. Shares of AZZ Inc (NYSE: AZZ) declined on January 9, 2018 to $45.70 per share.

According to the complaint the plaintiff alleges on behalf of purchasers of AZZ Inc (NYSE: AZZ) common shares between April 22, 2015 and January 8, 2018, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between April 22, 2015 and January 8, 2018, the defendants repeatedly misrepresented their financial results, failed to report revenues in compliance with FASB accounting standards, lacked adequate controls over financial reporting and failed to disclose the failure of more than two years of purported efforts to evaluate new accounting standards.