NEW YORK, May 28, 2019 /PRNewswire/ -- Bernstein
Liebhard LLP, a nationally acclaimed investor rights law firm,
announces that a securities class action lawsuit has been filed on
behalf of those who purchased or acquired the securities of A.O.
Smith Corporation ("A.O. Smith" or the "Company") (NYSE: AOS)
between July 26, 2016, and
May 16, 2019, both dates inclusive
(the "Class Period"). The lawsuit seeks to recover A.O. Smith
shareholders' investment losses.
If you purchased AOS securities, and/or would like to discuss
your legal rights and options, please visit A.O. Smith Corporation
Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
According to the lawsuit, throughout the Class Period the
defendants failed to disclose that the Company had used a
distribution partner, Jiangsu UTP Supply Chain (UTP), to
artificially inflate the Company's sales and gross margins in the
important Chinese market. As a result of this adverse information
being withheld from the market, the price of the Company's stock
was artificially inflated during the Class Period.
On May 16, 2019, analyst firm J
Capital Research USA LLC ("J
Capital") published a report alleging that A.O. Smith used several
manipulative practices to show higher sales and earnings in its
China operations. The report
stated that A.O. Smith had undisclosed business relationships and
entanglements with UTP, accounting for up to 75% of the Company's
product sales in China. The report
also questioned whether A.O. Smith had unencumbered access to more
than $530 million in cash on hand it
claimed to hold in China. On this
report, the price of A.O. Smith shares fell 6%.
If you wish to serve as lead plaintiff in the A.O. Smith class
action, you must move the court no later than July 29, 2019. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn't require that you serve as lead plaintiff. If you take no
action, you may remain an absent class member.
If you purchased A.O. Smith Corporation securities, and/or would
like to discuss your legal rights and options, please visit
https://www.bernlieb.com/cases/aosmithcorp-aos-lawsuit-class-action-fraud-stock-136/
or contact Matthew E. Guarnero toll
free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over
$3.5 billion for its clients. In
addition to representing individual investors, the Firm has been
retained by some of the largest public and private pension funds in
the country to monitor their assets and pursue litigation on their
behalf. As a result of its success litigating hundreds of lawsuits
and class actions, the Firm has been named to The National
Law Journal's "Plaintiffs' Hot List" thirteen times and
listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2019 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
Matthew E. Guarnero
Bernstein Liebhard LLP
https://www.bernlieb.com
(877) 779-1414
MGuarnero@bernlieb.com
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SOURCE Bernstein Liebhard LLP