NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national securities and consumer rights litigation firm, is notifying investors that a class action lawsuit has been filed against AZZ, Inc. (“AZZ” or the “Company”) (NYSE: AZZ), and certain other defendants, related to alleged violations of federal securities laws. If you purchased AZZ securities between July 3, 2018 and October 8, 2019, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
AZZ is a global provider of galvanizing and metal coating services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets.
The lawsuit alleges that, throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including that: (1) the Company’s internal controls over financial reporting were not effective; and (2) the Company improperly implemented ASC 606 which resulted in improper revenue reconciliations.
On May 17, 2019, AZZ disclosed a weakness in its internal control over financial reporting related to the preparation and review of revenue reconciliations after adopting a new revenue recognition standard. On May 20, 2019, AZZ announced that it had replaced its independent auditor. On this news, the Company’s stock price fell $1.21, nearly 3%, to close at $44.35 per share on May 20, 2019.
On October 8, 2019, AZZ delayed its second quarter 2020 financial results “to allow the Company additional time to complete the review of the Form 10-Q for its fiscal year 2020 second quarter ended August 31, 2019.” On this news, the Company’s stock price fell $5.89, nearly 14%, to close at $37.12 per share on October 8, 2019.
Finally, on October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”
What You Can Do
If you purchased AZZ securities between July 3, 2018 and October 8, 2019, inclusive, or if you have questions about this notice or your legal rights, you are encouraged to contact attorney Rhiana Swartz at (844) 818-6980 or firstname.lastname@example.org. The deadline for lead plaintiff motions is January 3, 2020.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.