LOS ANGELES--(BUSINESS WIRE)--The Schall Law Firm, a national shareholder rights litigation firm, announces that it is investigating claims on behalf of investors who purchased common stock, or derivative securities convertible into, exercisable for, or exchangeable against Advanced Drainage Systems, Inc. (“WMS” or “the Company”) (NYSE: WMS) from the period beginning on August 15, 2015, through March 31, 2016, who may have a compensable legal claim in connection with WMS’s alleged fraud.
The investigation focuses on whether the Company issued false and/or misleading statements and/or failed to disclose information pertinent to investors. WMS postponed the filing of its annual report in 2015, less than a year after its IPO. The Company was forced to admit to a number of accounting irregularities, including being aware of inappropriate entries and adjustments to the Company’s financials. The SEC filed a cease and desist order against WMS in July 2018 finding that CFO Mark Sturgeon directly and indirectly, “willfully” caused WMS to manipulate its financial results. Based on these facts, investors who purchased WMS common stock between August 15, 2015 and March 31, 2016 and held until after March 31, 2016 suffered damages.
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The class in this case has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
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