NEW YORK, Jan. 12, 2018 /PRNewswire/ — Attorney Advertising — Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against AZZ Inc. (“AZZ” or the “Company”) (NYSE: AZZ) and certain of its officers, on behalf of shareholders who purchased AZZ securities between April 22, 2015 and January 8, 2018, both dates inclusive (“Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/azz.
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and/or failed to disclose materially adverse information. Specifically, the complaint alleges that defendants: (1) repeatedly misrepresented their financial results, (2) failed to report revenues in compliance with FASB accounting standards, (3) lacked adequate controls over financial reporting, and (4) failed to disclose the failure of more than two years of purported efforts to evaluate new accounting standards.
On January 9, 2018, AZZ announced “that the Company historically should have accounted differently for certain contracts within its Energy Segment.” Specifically, the Company reported that revenue for the contracts at issue “was historically recognized for the Energy Segment upon transfer of title and risk to customers or based upon the percentage of completion method of accounting for electrical products built to customer specifications,” but that “in the case of contracts for which revenue was recorded upon contract completion and transfer of title, the Company instead should have applied the percentage of completion method.” AZZ advised investors that it “is currently reviewing whether . . . there are any significant impacts to the Company’s audited consolidated financial statements for the fiscal years ended February 28, 2015 and 2017, and the fiscal year ended February 29, 2016, as contained in its 2017 Annual Report on Form 10-K and the previously issued unaudited financial statements contained in its Quarterly Reports on Form 10-Q for the quarters ended May 31, 2017 and August 31, 2017.” Following this news, AZZ’s stock dropped heavily.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/azz or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. If you suffered