The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Texas on behalf of those who acquired AZZ Inc. (“AZZ” or the “Company”) (NYSE: AZZ) securities during the period from July 3, 2018 through October 8, 2019 (the “Class Period”). Investors have until January 3, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that the Company failed to disclose that: (i) the Company’s internal controls over financial reporting were not effective; and (ii) the Company improperly implemented ASC 606 which resulted in improper revenue reconciliations.
On May 17, 2019, the Company disclosed a material weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations. On this news, AZZ’s share price fell $1.09, approximately 2.3%, to close at $45.56 on May 17, 2019.
On May 20, 2019, the company announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP. On this news, AZZ’s share price fell $1.21, approximately 2.7%, to close at $44.35 on May 20, 2019.
On October 8, 2019, AZZ delayed its second quarter 2020 financial results “to allow the Company additional time to complete the review of the Form 10-Q for its fiscal year 2020 second quarter ended August 31, 2019.” On this news, the AZZ’s share price fell $5.89, approximately 13.7%, to close at $37.12 on October 8, 2019.
On October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”
If you acquired AZZ securities, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.