NEW YORK--(BUSINESS WIRE)--Zamansky LLC announces that it has commenced an investigation of AECOM (NYSE:ACM) on behalf of its current and former employees over the AECOM Retirement & Savings Plan (the “Plan”) for potential violations of the federal Employee Retirement Income Security Act (“ERISA”). ERISA imposes fiduciary duties to prudently manage and invest plan assets. We are investigating whether these duties were violated by the continued offering of the AECOM stock, or ACM, as an investment option for employees under the Plan.
On September 1, 2016, a class action lawsuit was filed against AECOM and its chief executive and chief financial officers. The complaint alleges that AECOM and its two chief officers made misrepresentations about its free cash-flow after its 2014 merger with URS Corp., and about various government investigations. The complaint also alleges that an outside analyst report by Spruce Point Capital Management brought these issues to light, causing AECOM’s stock price to fall approximately 5%.
According to employee stock and investment fraud attorney, Jake Zamansky, AECOM’s employees who purchased and held company stock through the Plan during February 11, 2015 through August 15, 2016, may have wrongfully suffered losses to their retirement savings. The class action lawsuit that was filed raises serious issues about whether the Plan’s fiduciaries properly executed their duties under ERISA, he states. ERISA is designed to protect employees’ retirement savings from imprudent and inappropriate investments, Zamansky states.
What AECOM Current and Former Employees Can Do
If you are an existing or former AECOM, employee who purchased and held company stock through the AECOM Retirement & Savings Plan, please contact our firm for an evaluation of your rights. You can contact Jake Zamansky by telephone at (212) 742-1414 or by email at email@example.com.
About Zamansky LLC
Zamansky LLC is a leading stock law firm specializing in securities fraud, ERISA and employment class actions. We are investment fraud attorneys who represent both individual and institutional investors. Our practice is nationally recognized for our ability to aggressively prosecute cases and recover investment losses.
To learn more about Zamansky LLC, please visit our website, http://www.zamansky.com.