NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Acuity Brands, Inc. (“Acuity” or the “Company”) (NYSE:AYI) of the March 5, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Acuity stock or options between June 29, 2016 and April 3, 2017 and would like to discuss your legal rights, click here: www.faruqilaw.com/AYI. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
The lawsuit has been filed in the U.S. District Court for the District of Delaware on behalf of all those who purchased Acuity securities between June 29, 2016 and April 3, 2017 (the “Class Period”). The case, Asanhussainsyedmohid v. Acuity Brands Inc. et al, No. 1:18-cv-00012 was filed on January 3, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by overstating its ability to achieve profitable sales growth and misinterpreting negative potential impacts on revenue.
Specifically, on June 29, 2016, the company issued a press release to report its financial and operational results for the third quarter fiscal 2016. In a subsequent earnings call, the CEO, Vernon J. Nagel, claimed, in part, that the company expected to continue beating growth rates in the markets the company serves, as reflected in the Company’s order rates through the month of June 2016 reflected. However, in the reports for the fourth quarter and fiscal year of 2016, for the first quarter of 2017, and for the second quarter of 2017, dated on October 5, 2016, on January 9, 2017, and April 4, 2017, respectively, the Company reported declining revenues, disappointing sales growth, and overall lower results than what was indicated on the June 29, 2016 report and earnings call. After each of the three reports, the Company’s stock price declined.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Acuity’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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