NEW YORK--(BUSINESS WIRE)--Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Apogee Enterprises, Inc. (“Apogee” or the “Company”) (NASDAQ:APOG) of the January 4, 2019 to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Apogee stock or options between June 28, 2018 and September 17, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/APOG. 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 rgonnello@faruqilaw.com.
The lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of all those who purchased Apogee common stock between June 28, 2018 and September 17, 2018 (the “Class Period”). The case, Mayer v. Apogee Enterprises, Inc. et al., No. 18-cv-03097 was filed on November 5, 2018.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Apogee lacked the required labor force in place to ramp-up its production; (2) Apogee was unable to hire, train and retain new employees; (3) Apogee’s productivity and margins would be negatively impacted; and (4) as a result of the foregoing, Defendants’ statements about the Company’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Specifically, on September 18, 2018, Apogee issued a press release in connection with its second quarter 2018 financial performance. The Company revealed that operating income for its glass segment was significantly below the prior year’s comparable quarter, and attributed the reduction to “increased labor costs, lower productivity, and high cost of quality.” It also stated that the “segment was challenged to efficiently ramp-up production to meet the higher than expected, short lead-time customer demand.”
On this news, the Company’s share price fell from $48.22 per share on September 17, 2018 to $42.48 per share on September 18, 2018—a $5.74 or 12.91% drop.
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 Apogee’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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