SAN DIEGO & FORT WORTH, Texas--(BUSINESS WIRE)--
Shareholder rights law firm Robbins Arroyo LLP announces that investors filed a class action complaint against AZZ Inc. (NYSE: AZZ). The complaint is brought on behalf of all purchasers of AZZ securities between April 22, 2015 and January 8, 2018, for alleged violations of the Securities Exchange Act of 1934 by AZZ's officers and directors. AZZ provides galvanizing services, welding solutions, specialty electrical equipment, and highly engineered services to the power generation, transmission, distribution, refining, and industrial markets.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/azz-inc
AZZ Accused of Misstating Revenues for its Energy Segment
According to the complaint, AZZ repeatedly assured investors of the effectiveness of the company's internal control over financial reporting and that the company was continuously evaluating new revenue recognition standards. On January 9, 2018, AZZ revealed that the company's Audit Committee and independent registered public accounting firm, BDO USA, LLP, determined that AZZ historically should have accounted differently for certain contracts within its Energy Segment. It was further revealed that AZZ failed to report revenues in compliance with FASB's Accounting Standards for over two and a half years, and that AZZ was reviewing whether there are any significant impacts to the company's audited financial statements for the fiscal years ended February 2015, 2016, and 2017, and the quarters ending May 31 and August 31, 2017. As a result, AZZ could not file its Form 10-Q for the quarter ended November 30, 2017 on time.
AZZ Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
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