NEW YORK--(BUSINESS WIRE)--Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of all persons or entities who purchased or otherwise acquired AZZ, Inc. (NYSE : AZZ) securities between April 22, 2015 and January 8, 2018 (the “Class Period”). Investors have until March 12, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
On January 9, 2018, AZZ announced upon the recommendation of the Company’s management and in consultation with the Company’s Audit Committee and the Company’s independent registered public accounting firm, BDO USA, LLP, that on January 4, 2018 it was determined that the Company historically should have accounted differently for certain contracts within its Energy Segment. They further announced that the Company is currently unable to file its Quarterly Report on Form 10-Q for the quarter ended November 30, 2017.
The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose (i) that it misstated revenues for its Energy Segment for the duration of the Class Period; (ii) that it had failed to report revenues in compliance with FASB’s Accounting Standards Codification 605-35-25-92, which says that “the completed contract method may be used as an entity’s basic accounting policy in circumstances in which financial position and results of operations would not vary materially from those resulting from use of the percentage-of completion method (iii) that the Company lacked adequate internal controls over financial reporting; (iv) that its purported efforts – over more than two years – to evaluate revenue recognition standards had been an apparent failure; and that (v) as a result of the foregoing, AZZ’s publicly disseminated financial statements were materially false and misleading.
If you purchased or otherwise acquired AZZ securities and suffered a loss, continue to hold shares purchased prior to the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at firstname.lastname@example.org, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the AZZ, Inc. lawsuit, please go to http://www.bespc.com/azz. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.