Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Acuity Brands (NYSE:AYI) in connection to alleged violations of securities laws by AYI. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in Acuity Brands from June 29, 2016 until April 3, 2017.
The class action complaint specifically alleges that during the period in question, AYI might have provided false and/or misleading material information, and/or failed to disclose adverse material information, namely: that the company was present of market trends, such as uncertainty relating to the elections in the US and the UK, adversely affected the company’s sales; that in various statements the company inflated its ability to profitably grow its sales; and that consequently the company’s statements to the public regarding its business and prospects had no reasonable bases. The complaint alleges that when true facts came to light, investors suffered losses.
According to the company’s website, Acuity Brands is an electronics company that provides “lighting and building management solutions” for a variety of applications, including commercial, industrial, infrastructural, institutional, and residential purposes. The company is headquartered in Atlanta, Georgia and has operations in North America, Europe and Asia. the devices it offers include “luminaires, lighting controls, lighting components, controllers for various building systems (including HVAC, lighting, shades and access control), power supplies, and prismatic skylights.” It trades on the New York Stock Exchange under the symbol AYI.
A class action lawsuit has already been filed in connection with Acuity Brands. If you wish to serve as lead plaintiff in the AYI lawsuit, you must move the Court no later than March 5, 2018. If you wish to join the litigation, please contact Marc Fitapelli at 212-658-1501 or Jonathan Kurta at 212-658-1502. There is no cost or obligation to you and your ability to share in any recovery does not require that you serve as a lead plaintiff.