AZZ, Inc. investors may receive additional information about the case by clicking the link "Submit Your Information" above.
According to the complaint, AZZ is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution, refining and industrial markets. It has two distinct operating segments: the Energy Segment and Galvanizing Segment.
The Class Period commences on April 22, 2015, when AZZ filed a Form 10-K with the SEC for the fiscal year ended February 28, 2015.
The complaint alleges that on January 9, 2018, before the markets opened, the company issued a press release and filed the same on Form 8-K with the SEC, entitled “AZZ Inc to Review Accounting Methodology Resulting in a Delay of the Issuance of its Fiscal Year 2018 Third Quarter Form 10-Q. AZZ Inc. Updates Guidance for Fiscal 2018 Revenue and Earnings per Share.” The January 9, 2018 press release showed that the company’s statements concerning the evaluation of new revenue recognition standards over two-and-a-half years had been inaccurate.
Following this news, AZZ’s share price fell 6.2% to close at $47.50 on January 9, 2018, down from a close of $50.64 on January 8, 2018.
The complaint alleges that during the Class Period, the defendants made false and/or misleading statements and/or failed to disclose (i) that the company misstated revenues for its Energy Segment for the duration of the Class Period; (ii) that the company had failed to report revenues in compliance with FASB’s Accounting Standards Codification 605-35-25-92, which says that “the completed contract method may be used as an entity’s basic accounting policy in circumstances in which financial position and results of operations would not vary materially from those resulting from use of the percentage-of completion method (for example, in circumstances in which an entity has primarily short-term contracts),” (iii) that the company lacked adequate internal controls over financial reporting; (iv) that its purported efforts – over more than two years – to evaluate revenue recognition standards had been an apparent failure; and that (v) as a result of the foregoing, AZZ’s publicly disseminated financial statements were materially false and misleading.
If you are a member of the class described above, you may no later than March 12, 2018 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com