RADNOR, PA/ ACCESSWIRE / February 13, 2018 / The law firm of Kessler Topaz Meltzer & Check, LLP announces that a shareholder class action lawsuit has been filed against AZZ Inc. (NYSE: AZZ) ("AZZ" or the "Company") on behalf of purchasers of the Company's securities between April 22, 2015 and January 8, 2018, inclusive (the "Class Period").
Deadline Reminder: Investors who purchased AZZ securities during the Class Period may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action, please visit https://www.ktmc.com/new-cases/azz-inc#join.
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.
As detailed in the complaint, on January 9, 2018, AZZ disclosed to investors that it "should have accounted differently for certain contracts within its Energy Segment." The Company further disclosed that it was "reviewing whether its historical accounting for these contracts differs materially and if there are any significant impacts to the Company's audited consolidated financial statements." Finally, AZZ indicated that its accounting review was "ongoing, and the Company cannot yet estimate when it will be completed," and that "the Company cannot yet conclude upon the materiality of any potential adjustments."
Following these disclosures, shares of AZZ's stock fell $3.14 per share, or over 6%, to close on January 9, 2018 at $47.50 per share, on heavy trading volume.
Among other things, the shareholder class action complaint alleges that, during the Class Period, AZZ and certain of its executive officers made false and misleading statements and/or failed to disclose that the Company: (i) had misstated revenues for its Energy Segment; (ii) had failed to report revenues in compliance with applicable accounting standards; and (iii) lacked adequate internal controls over financial reporting. As a result of the foregoing, AZZ's publicly disseminated financial statements during the Class Period were materially false and misleading.
AZZ shareholders may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a 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 in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers, and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
Darren J. Check, Esq.
D. Seamus Kaskela, Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087
(888) 299-7706
(610) 667-7706
info@ktmc.com
SOURCE: Kessler Topaz Meltzer & Check, LLP
