SAN FRANCISCO, Nov. 25, 2019 (GLOBE NEWSWIRE) — Hagens Berman urges AZZ Inc. (NYSE: AZZ) investors who have suffered significant losses to submit their loss now to learn if they qualify to recover their investment losses. A securities fraud class action was recently filed on behalf of certain AZZ investors against the company and senior executives.
AZZ Inc. (AZZ) Securities Class Action:
The complaint alleges that Defendants misled investors by engaging in illicit accounting practices, including improper revenue reconciliations.
On May 17, 2019, AZZ disclosed material weaknesses in AZZ’s internal controls over financial reporting related to the preparation and review of revenue reconciliations after adopting a new revenue recognition standard.
On May 20, 2019, AZZ announced that it had fired and replaced outside auditor BDO. This news drove the price of AZZ shares lower that day.
On October 8, 2019, AZZ stated it would not be timely filing its Q2 financial results. This news drove the price of AZZ shares down $5.89, or down almost 14%, that day.
After the Class Period, on October 25, 2019, AZZ announced the abrupt departure of its Chief Accounting Officer, James Byelick.
If you invested in AZZ Inc. between Jul. 3, 2018 and Oct. 8, 2019 (the “Class Period”) and suffered significant losses, you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
“We’re focused on recovering investors’ substantial losses and holding AZZ and its senior management accountable for their alleged accounting fraud,” said Reed Kathrein, the Hagens Berman partner leading the investigation.
If you purchased shares of AZZ and suffered significant losses, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding AZZ Inc. should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AZZ@hbsslaw.com.
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Reed Kathrein, 510-725-3000