WILMINGTON, Del.--(BUSINESS WIRE)--The law firm of Rosenthal, Monhait & Goddess, P.A. announces that it has filed an amended shareholder class action complaint against Acuity Brands, Inc. (NYSE: AYI) (“Acuity” or the “Company”) on behalf of investors who purchased the Company’s securities between October 7, 2015 and April 3, 2017, inclusive (the “Class Period”). The amended complaint was filed in the United States District Court for the District of Delaware, Case No. 18-cv-00285. This action is related to a prior case filed against Acuity in the United States District Court for the District of Delaware, Case No. 18-cv-0012.
Investors who purchased Acuity securities during the Class Period may, no later than March 5, 2018, seek to be appointed as a lead plaintiff representative of the class.
Acuity investors who wish to discuss their legal rights or interests with respect to this action are encouraged to contact Rosenthal, Monhait & Goddess, P.A. (P. Bradford deLeeuw, Esq.) at (302) 656-4433, or via e-mail at firstname.lastname@example.org.
Acuity is a provider of lighting and building management solutions for commercial, institutional, industrial, infrastructure, and residential applications.
The stockholder class action complaint alleges that throughout the Class Period, the defendants failed to disclose material adverse facts about the Company’s financial well-being, business relationships, and prospects. Among other things, the complaint alleges that the defendants: (i) concealed known trends negatively impacting sales of the Company’s products; and (ii) overstated the Company’s ability to achieve profitable sales growth. As a result of the foregoing, the defendants lacked a reasonable basis for their positive statements about Acuity’s current and future business and financial prospects.
On April 4, 2017, the Company issued a press release to report financial and operational results for the second quarter fiscal 2017. During a conference call to discuss those results, Defendant Nagel blamed “the impact of continued softness in demand for certain short cycle, small lighting projects,” but acknowledged that demand softness “could potentially linger into the second half of 2017.” Following this news, shares of the Company’s stock fell $30.13 per share, or over 14.7 percent, to close on April 4, 2017 at $173.93 per share on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of a class of investors who purchased Acuity securities between October 7, 2015 and April 3, 2017, and is represented by the law firm of Rosenthal Monhait & Goddess, P.A., which prosecutes class and derivative actions on behalf of investors in state and federal courts primarily in Delaware.
Acuity shareholders may, no later than March 5, 2018, petition the Court to be appointed as a lead plaintiff representative of the class through Rosenthal, Monhait & Goddess, P.A., or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class in the action. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.