SAN DIEGO & MINNEAPOLIS--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Apogee Enterprises, Inc. (NasdaqGS: APOG) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between June 28, 2018 and September 17, 2018. Apogee designs and develops glass and metal products and services in the United States, Canada, and Brazil.
View this information on the law firm's Shareholder Rights Blog: https://www.robbinsarroyo.com/apogee-enterprises-inc/
Apogee Accused of Overestimating Its Ability to Take on the Tight Labor Market
According to the complaint, Apogee told investors that the company was positioned for long-term, stable earnings and cash flow growth. However, Apogee could not live up to its projections because it lacked the required labor force to ramp-up its production and was unable to hire and retain new employees. On September 18, 2018, Apogee issued disappointing financial results, citing increased labor costs, lower productivity, and higher cost of quality. Apogee's CEO then admitted that Apogee was never ready to meet the previously announced growth and margins and that the company was not prepared for the tight labor market. On this news, Apogee's stock fell over 13% to close at $41.76 per share on September 19, 2018, and has since continued to decline.
Apogee Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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