Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against AZZ Inc. (“AZZ” or “Company”) (NYSE: AZZ) and several officers and directors for acts taken during the period of April 22, 2015 and January 8, 2018 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of AZZ. If you are an affected AZZ shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants issued false and/or misleading statements and/or failed to disclose that the Company: (1) repeatedly misrepresented its 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 it should have accounted differently for certain contracts within its Energy Segment. Specifically, AZZ 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 its 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. AZZ share price dropped 6.2% following this announcement.
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.