Shareholder Alert: Robbins LLP Announces AZZ, Inc. (AZZ) Sued for Misleading Shareholders
06 Novembro 2019 - 3:13PM
Business Wire
Shareholder rights law firm Robbins LLP announces that a
purchaser of AZZ, Inc. (NYSE: AZZ) filed a class action complaint
against the company for alleged violations of the Securities
Exchange Act of 1934 between July 3, 2018 and October 8, 2019. AZZ
provides galvanizing and metal coating services, welding solutions,
specialty electronic equipment, and highly engineered services.
If you suffered a loss as a result of AZZ's misconduct, click
here.
AZZ, Inc. (AZZ) Reveals of Lack of Internal Controls
According to the complaint, throughout the relevant period, AZZ
filed its quarterly reports on Form 10-Q, touting revenues in the
hundreds of millions and net income in the tens of millions. In
each of its Form 10-Q's, AZZ failed to disclose that its internal
control over financial reporting was not effective due to the
Company's improper implementation of ASC 606, resulting in improper
revenue reconciliations. These issues became public knowledge on
May 17, 2019, when AZZ disclosed in its Form 10-K that it had a
material weakness in its internal control over financial reporting
related to its revenue reconciliations. On October 11, 2019, AZZ
filed a Notification of Late Filing with the SEC stating it needed
"additional time to finalize its income tax accounting for the
quarter, which [had] been impeded by an ongoing analysis of certain
historical deferred tax balances." Following this filing, on
October 25, 2019, AZZ announced its Chief Accounting Officer's
departure effective by the end of the month. By the end of the
class period, AZZ's stock price had fallen 17% to close at $37.12
per share and has yet to recover.
AZZ, Inc. (AZZ) Shareholders Have Legal Options
Contact us to learn more: Leo Kandinov (800) 350-6003
lkandinov@robbinsllp.com Shareholder Information Form
Robbins LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional
investors in shareholder derivative and securities class action
lawsuits, and has helped its clients realize more than $1 billion
of value for themselves and the companies in which they have
invested. Click Here to receive free alerts from Stock Watch when
companies engage in wrongdoing.
Attorney Advertising. Past results do not guarantee a similar
outcome.
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version on businesswire.com: https://www.businesswire.com/news/home/20191106005830/en/
Leo Kandinov Robbins LLP 5040 Shoreham Place San Diego, CA 92122
LKandinov@robbinsllp.com (619) 525-3990 or Toll Free (800) 350-6003
www.robbinsllp.com
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