Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in AZZ Inc. (NYSE: AZZ) in connection to alleged violations of securities laws by AZZ. Fitapelli Kurta is interested in speaking to investors who have complaints regarding investments made in AZZ Inc. from April 22, 2015 until January 8, 2018.
The class action complaint specifically alleges that during the period in question, AZZ might have provided false and/or misleading material information, and/or failed to disclose adverse material information, chiefly: that the company made misstatements regarding the revenues of its energy segment, AZZ Energy; that it had failed to report its revenues in a manner compliant with the Financial Accounting Standards Board’s guidelines; that the company did not have proper controls governing its financial reporting; that the company had failed in its efforts to evaluate the FASB’s new standard for revenue recognition, an effort it had reportedly been undergoing for two years; and that consequently the company’s financial statements made to the public during the relevant period were false and misleading. The complaint alleges that when true facts emerged, investors suffered losses.
According to the company’s website, AZZ Inc. is “a global provider of galvanizing, welding solutions, specialty electrical equipment and highly engineered services.” According to its description, the company protects the metal and electrical systems that compose global infrastructure, ultimately supporting the generation, transmission and distribution of power, as well as “industrial markets.” Its business units include AZZ MediumVoltage Bus Systems, AZZ Lighting Systems, AZZ Nuclear, AZ Specialty Welding, AZZ Galvanizing, AZZ Switchgear Systems, and Powergrid Solutions. It is headquartered in Fort Worth, Texas and trades on the New York Stock Exchange under the symbol AZZ.
A class action lawsuit has already been filed in connection with AZZ Inc. If you wish to serve as lead plaintiff in the AZZ lawsuit, you must move the Court no later than March 12, 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.