A lawsuit was filed on behalf of investors in Acuity Brands, Inc. (NYSE:AYI) shares over alleged securities laws violations.
San Diego, CA -- (SBWIRE) -- 01/16/2018 -- The Shareholders Foundation announces that an investor, who purchased shares of Acuity Brands, Inc. (NYSE:AYI), filed a lawsuit over alleged Securities Laws violations by Acuity Brands, Inc.
Investors who purchased shares of Acuity Brands, Inc. (NYSE:AYI) should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
On October 5, 2016, Acuity Brands, Inc released the first in a series of disappointing quarterly financial and operational reports to investors. During a conference call to discuss the Company's fourth quarter and full-year fiscal 2016 financial results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, explained that "[t]his year's presidential election in the US and events such as UK's referendum vote to exit the European Union continue to create uncertainty and volatility."
Then, on January 9, 2017, Acuity Brands, Inc issued an announcement to report financial and operational results for the first quarter fiscal 2017. During a conference call to discuss those results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, represented that "[d]emand softened in the back half of the quarter particularly for smaller projects apparently due to, what many of our customers are telling us, election jitters," and that profitability suffered from carrying excess employees during the quarter "with the anticipation of higher volumes" of sales than that actually generated.
Finally, on April 4, 2017, Acuity Brands, Incissued a press release to report financial and operational results for the second quarter fiscal 2017. During a conference call to discuss those results, the CEO of Acuity Brands, Inc, Vernon J. Nagel, continued to blame "the impact of continued softness in demand for certain short cycle, small lighting projects," but acknowledged for the first time that demand softness "could potentially linger into the second half of 2017."
Shares of Acuity Brands, Inc. (NYSE:AYI) declined to as low as $156.39 per share in October 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Acuity Brands, Inc. (NYSE:AYI) common shares between June 29, 2016, and April 3, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between June 29, 2016, and April 3, 2017, the defendants concealed known trends negatively impacting sales of the Company's products; and overstated the Company's ability to achieve profitable sales growth, and that as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about Acuity's current and future business and financial prospects.
Those who purchased shares of Acuity Brands, Inc. (NYSE:AYI) have certain options and should contact the Shareholders Foundation.
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