Rosenthal, Monhait & Goddess, P.A. Announces Expanded Class Period in Shareholder Class Action Filed against Acuity Brands, I...
February 20 2018 - 4:40PM
Business Wire
The law firm of Rosenthal, Monhait & Goddess, P.A. announces
that it has filed an expanded shareholder class action lawsuit
against Acuity Brands, Inc. (NYSE: AYI) (“Acuity” or the “Company”)
on behalf of investors who purchased the Company’s securities
between October 15, 2015 and April 3, 2017, inclusive (the “Class
Period”). This action was filed in the United States District Court
for the District of Delaware, Case No. 18-cv-00285 and is related
to a previously filed action No. 18-cv-00012.
Investors who purchased Acuity securities during the Class
Period may, no later than March 5, 2018, seek to be appointed as a
lead plaintiff representative of the class.
Acuity investors who wish to discuss their legal rights or
interests with respect to this action are encouraged to contact
Rosenthal, Monhait & Goddess, P.A. (P. Bradford deLeeuw, Esq.)
at (302) 656-4433, or via e-mail at bdeleeuw@rmgglaw.com.
Acuity is a provider of lighting and building management
solutions for commercial, institutional, industrial,
infrastructure, and residential applications.
The stockholder class action complaint alleges that throughout
the Class Period, the defendants failed to disclose material
adverse facts about the Company’s financial well-being, business
relationships, and prospects. Among other things, the complaint
alleges that the defendants: (i) concealed known trends negatively
impacting sales of the Company’s products; and (ii) overstated the
Company’s ability to achieve profitable sales growth. As a result
of the foregoing, the defendants lacked a reasonable basis for
their positive statements about Acuity’s current and future
business and financial prospects.
On April 4, 2017, the Company issued a press release to report
financial and operational results for the second quarter fiscal
2017. During a conference call to discuss those results, Defendant
Nagel continued to blame “the impact of continued softness in
demand for certain short cycle, small lighting projects,” but
acknowledged for the first time that demand softness “could
potentially linger into the second half of 2017.” Following this
news, shares of the Company’s stock fell an additional $30.13 per
share, or over 14.7 percent, to close on April 4, 2017 at $173.93
per share on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of a class of
investors who purchased Acuity securities between October 15, 2015
and April 3, 2017, and is represented by the law firm of Rosenthal
Monhait & Goddess, P.A., which prosecutes class and derivative
actions on behalf of investors in state and federal courts
primarily in Delaware.
Acuity shareholders may, no later than March 5, 2018, petition
the Court to be appointed as a lead plaintiff representative of the
class through Rosenthal, Monhait & Goddess, P.A., 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.
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version on businesswire.com: http://www.businesswire.com/news/home/20180220006595/en/
Rosenthal, Monhait & Goddess, P.A.P. Bradford deLeeuw,
Esq.919 Market StreetSuite 1401Wilmington, Delaware
19801302-656-4433bdeleeuw@rmgglaw.com
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