INVESTOR ALERT: Kirby McInerney LLP Announces the Filing of a Securities Class Action Lawsuit Against AZZ Inc.
06 Novembro 2019 - 10:00PM
Business Wire
The law firm of Kirby McInerney LLP announces that a class
action lawsuit has been filed in the U.S. District Court for the
Northern District of Texas on behalf of those who acquired AZZ Inc.
(“AZZ” or the “Company”) (NYSE: AZZ) securities during the period
from July 3, 2018 through October 8, 2019 (the “Class Period”).
Investors have until January 3, 2020 to apply to the Court to be
appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that:
(i) the Company’s internal controls over financial reporting were
not effective; and (ii) the Company improperly implemented ASC 606
which resulted in improper revenue reconciliations.
On May 17, 2019, the Company disclosed a material weakness in
its internal control over financial reporting related to
preparation and review of revenue reconciliations. On this news,
AZZ’s share price fell $1.09, approximately 2.3%, to close at
$45.56 on May 17, 2019.
On May 20, 2019, the company announced that it had replaced its
independent auditor, BDO US, LLP, with Grant Thornton LLP. On this
news, AZZ’s share price fell $1.21, approximately 2.7%, to close at
$44.35 on May 20, 2019.
On October 8, 2019, AZZ delayed its second quarter 2020
financial results “to allow the Company additional time to complete
the review of the Form 10-Q for its fiscal year 2020 second quarter
ended August 31, 2019.” On this news, the AZZ’s share price fell
$5.89, approximately 13.7%, to close at $37.12 on October 8,
2019.
On October 25, 2019, AZZ announced that its Chief Accounting
Officer “will leave the Company effective October 31, 2019.”
If you acquired AZZ securities, have information, or would like
to learn more about these claims, please contact Thomas W. Elrod of
Kirby McInerney LLP at 212-371-6600, by email at
investigations@kmllp.com, or by filling out this contact form, to
discuss your rights or interests with respect to these matters
without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm
concentrating in securities, antitrust, and whistleblower
litigation. The firm’s efforts on behalf of shareholders in
securities litigation have resulted in recoveries totaling billions
of dollars. Additional information about the firm can be found at
Kirby McInerney LLP’s website: www.kmllp.com.
This press release may be considered Attorney Advertising in
some jurisdictions under the applicable law and ethical rules.
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version on businesswire.com: https://www.businesswire.com/news/home/20191106005835/en/
Kirby McInerney LLP Thomas W. Elrod, Esq. (212) 371-6600
investigations@kmllp.com www.kmllp.com
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