A lawsuit was filed on behalf of investors in Advanced Drainage Systems Inc (NYSE:WMS) shares over alleged securities laws violations and NYSE:WMS investors should contact the Shareholders Foundation, Inc.
San Diego, CA -- (SBWIRE) -- 08/10/2015 -- An investor in shares of Advanced Drainage Systems Inc (NYSE:WMS) filed a lawsuit over alleged violations of Federal Securities Laws by Advanced Drainage Systems Inc in connection with certain allegedly false and misleading statements.
Investors who purchased shares of Advanced Drainage Systems Inc (NYSE:WMS) have certain options and for certain investors are short and strict deadlines running. Deadline: September 28, 2015. NYSE:WMS investors should contact the Shareholders Foundation at mail@shareholdersfoundation or call +1(858) 779 - 1554.
The plaintiff claims that between September 5, 2014 and July 14, 2015, defendants issued materially false and misleading statements to investors and/or failed to disclose that Advanced Drainage Systems' inventory values and cost of sales were misstated, that Advanced Drainage Systems' transportation and equipment leases should be recorded as capital leases; and that as a result, Advanced Drainage Systems' financial statements were materially false and misleading at all relevant times
Advanced Drainage Systems Inc reported that its Total Revenue rose from over $1.06 billion for the 12 months period that ended on March 31, 2014 to over $1.17 billion for the 12 months period that ended on March 31, 2015 and that its Net Income for those respective time periods increased from $11.12 million to $26.30 million. Shares of Advanced Drainage Systems Inc (NYSE:WMS) grew from $14.88 per share in August 2014 to as $33.03 per share in June 2015.
Then on July 15, 2015, Advanced Drainage Systems Inc announced the delay in filing of its 2015 annual report due to an ongoing review of the "methodologies utilized in its year-end inventory costing analysis and the related impact on the Company's fiscal year 2015 financial statements." Advanced Drainage Systems Inc further stated, that "the Company anticipates that the effect of this review will be a reduction of year-end inventory values for fiscal year 2015 as compared to previously reported amounts, and a related increase in cost of sales." Shares of Advanced Drainage Systems Inc (NYSE:WMS) declined to as low as $27.98 per share on July 15, 2015, respectively $27.14 per share on July 27, 2015.
Those who purchased shares of Advanced Drainage Systems Inc (NYSE:WMS) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North - Suite 423
92108 San Diego