Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Northern District of Texas on behalf of shareholders of AZZ Inc. who purchased shares between July 3, 2018 and October 8, 2019.
AZZ and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On May 17, 2019, post-market, the Company disclosed a material weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations after adopting a new revenue recognition standard. On October 8, 2019, the Company disclosed that its 2Q2020 financial results were delayed “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 price of AZZ shares plummeted nearly 14%.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until January 3, 2020 to request that the court appoint them lead plaintiff.