Cases
AZZ Inc. (NYSE: AZZ)
Securities Class Action
Overview
Overview
- Date:
- 12/27/2019
- Company Name:
- AZZ Inc.
- Stock Symbol:
- AZZ
- Class Period:
- FROM 1/3/2018 TO 10/8/2019
NEW YORK, December 27, 2019 – Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Northern District of Texas on behalf of investors that purchased Azz, Inc(NYSE: AZZ) securities between July 3, 2018 and 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.
On May 17, 2019, AZZ disclosed a weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations after adopting a new revenue recognition standard.
On May 20, 2019 AZZ announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP.
On this news, the Company’s stock price fell $1.21, nearly 3%, to close at $43.35 per share 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 Company’s stock price fell $5.89, nearly 14%, to close at $37.12 per share on October 8, 2019.
Finally, on October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”
The complaint, filed on November 4, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s internal controls over financial reporting were not effective; (2) that the Company improperly implemented ASC 606 which resulted in improper revenue reconciliations; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased AZZ Shares during the class period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.
On May 17, 2019, AZZ disclosed a weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations after adopting a new revenue recognition standard.
On May 20, 2019 AZZ announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP.
On this news, the Company’s stock price fell $1.21, nearly 3%, to close at $43.35 per share 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 Company’s stock price fell $5.89, nearly 14%, to close at $37.12 per share on October 8, 2019.
Finally, on October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”
The complaint, filed on November 4, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s internal controls over financial reporting were not effective; (2) that the Company improperly implemented ASC 606 which resulted in improper revenue reconciliations; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis.
If you purchased AZZ Shares during the class period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Melissa Fortunato by email at investigations@bespc.com, or telephone at (212) 355-4648, or by filling out the contact form below. There is no cost or obligation to you.