Case Background:
On January 3, 2018, the initial complaint in this securities class action was filed against Acuity Brands, Inc. (“Acuity” or the “Company”), and certain of Acuity’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act. On August 25, 2020, the Court certified the class as all persons who invested in the publicly traded common stock of Acuity between October 7, 2015 and April 3, 2017, (the “Class Period”) both dates inclusive, and were damaged thereby.
The complaint alleges that, throughout the Class Period, Defendants failed to disclose material adverse facts about the Company's financial well-being, business relationships, and prospects. Specifically, Defendants: (1) concealed known trends negatively impacting sales of the Company's products; and (2) overstated the Company's ability to achieve profitable sales growth. As a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about Acuity's current and future business and financial prospects.
Current Status of Case:
On October 5, 2018, Lead Plaintiffs filed an amended complaint (the “Amended Complaint”). Defendants filed a Motion to Dismiss the Amended Complaint on October 30, 2018. The Motion to Dismiss was granted in part and denied in part on August 12, 2019. On August 25, 2020, the Court certified the Class. On December 22, 2021, Lead Plaintiffs filed a Motion for Preliminary Approval of Settlement. The Settlement was approved on June 7, 2022. This action has concluded.
Please be advised that the deadline to file a claim was May 18, 2022. You may find additional information regarding the terms of the settlement and claim filing process at www.strategicclaims.net/acuity/ or by calling Strategic Claims Services, at 866–274-4004.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com.