NEW YORK, Jan. 10, 2018 /PRNewswire/ -- Bernstein
Liebhard LLP today announced that a class action has been filed in
the United States District Court
for the District of Delaware on
behalf of a class (the "Class") consisting of all persons or
entities who purchased the securities of Acuity Brands, Inc.
("Acuity" or the "Company") (NYSE: AYI) during the period
between June 29, 2016 and
April 3, 2017, inclusive (the "Class
Period"). The complaint alleges that Defendants violated
Sections 10(b) and 20(a) of the Securities Exchange Act of
1934. Acuity provides lighting and building management
solutions for commercial, institutional, industrial, infrastructure
and residential applications.
Acuity has repeatedly surprised the market with a series of
negative announcements. On October 5,
2016, Acuity reported that its financial results for the
Company's fourth quarter and fiscal year 2016 (ended August 31, 2016) fell below expectations.
But the Company reiterated targeted sales growth in the
"mid-to-upper-single-digit-range" and represented that Acuity was
"on a path to almost quadruple" the Company's maintenance-free LED
lighting fixtures to 800,000. On January 9, 2017, Acuity reported
lower-than-expected sales and disclosed that it had missed the
800,000 figure by over 10%, causing an approximately 15% drop in
Acuity's stock. Finally, on April 4,
2017, Acuity again reported poor financial results and
acknowledged for the first time that demand softness "could
potentially linger into the second half of 2017." Acuity also
shifted gears and now announced expected sales growth in the low,
rather than mid to upper, single digits. On this news,
Acuity's share price fell $30.13, or
approximately 15%. Throughout the Class Period, Defendants
concealed known trends negatively impacting sales and overstated
the Company's ability to achieve sales growth.
Acuity's poor results have continued past the Class
Period. On January 9, 2018,
Acuity again announced negative results, causing Acuity stock to
fall another $27.78, or 15%.
Plaintiffs seek to recover damages on behalf of all Class
members who invested in Acuity securities during the Class
Period. If you invested in Acuity securities as described
above, and lost money on the transactions, you may wish to join in
this action to serve as lead plaintiff. In order to do so,
you must meet certain requirements set forth in the applicable law
and file appropriate papers no later than March 5, 2018.
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. Under certain circumstances, one or more class members
may together serve as lead plaintiff. Your ability to share
in any recovery is not, however, affected by the decision whether
or not to serve as a lead plaintiff. You may retain Bernstein
Liebhard LLP, or other counsel of your choice, to serve as your
counsel in this action.
If you are interested in discussing your rights as an Acuity
investor and/or have information relating to the matter, please
contact Joseph R. Seidman, Jr. at
(877) 779-1414 or seidman@bernlieb.com.
Bernstein Liebhard LLP has pursued hundreds of securities,
consumer and shareholder rights cases and recovered over
$3.5 billion for its clients.
The Firm has been named to the National Law Journal's "Plaintiffs'
Hot List" thirteen times.
You can obtain a copy of the complaint from the clerk of the
court for the United States
District Court for the District of Delaware.
Bernstein Liebhard LLP
10 East 40th Street
New York, New York 10016
(877) 779-1414
www.bernlieb.com
ATTORNEY ADVERTISING. © 2018 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New
York 10016, (212) 779-1414. The lawyer responsible for this
advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not
guarantee or predict a similar outcome with respect to any future
matter.
Contact Information
Joseph R. Seidman, Jr.
Bernstein Liebhard LLP
http://www.bernlieb.com
(212) 779-1414
seidman@bernlieb.com
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