Advanced Drainage Systems Inc (NYSE:WMS) Investor Investigation Over Potential Securities Laws Violations Announced

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Company Name(s): 
Advanced Drainage Systems
Affected Securities: 
NYSE: WMS

July 17, 2015 (Shareholders Foundation) - An investigation on behalf of investors of Advanced Drainage Systems Inc (NYSE:WMS) shares over potential securities laws violations by Advanced Drainage Systems and certain of its directors and officers in connection certain financial statements was announced.

The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of Advanced Drainage Systems Inc (NYSE:WMS) concerning whether a series of statements by Advanced Drainage Systems regarding its business, its prospects and its operations were materially false and misleading at the time they were made.

Advanced Drainage Systems Inc reported that its Total Revenue rose from over $1.06 billion for the 12 months period that ended on March 31, 2014 to over $1.17 billion for the 12 months period that ended on March 31, 2015 and that its Net Income for those respective time periods increased from $11.12 million to $26.30 million.

Shares of Advanced Drainage Systems Inc (NYSE:WMS) grew from $14.88 per share in August 2014 to as $33.03 per share in June 2015.

Then on July 15, 2015, Advanced Drainage Systems Inc announced the delay in filing of its 2015 annual report due to an ongoing review of the “methodologies utilized in its year-end inventory costing analysis and the related impact on the Company’s fiscal year 2015 financial statements.” Advanced Drainage Systems Inc further stated, that “the Company anticipates that the effect of this review will be a reduction of year-end inventory values for fiscal year 2015 as compared to previously reported amounts, and a related increase in cost of sales.”
Shares of Advanced Drainage Systems Inc (NYSE:WMS) declined to as low as $27.98 per share on July 15, 2015.