Bernstein Liebhard LLP Announces That A Class Action Has Been Filed On Behalf Of Acuity Brands, Inc. Investors
January 10, 2018
Bernstein Liebhard LLP today announced that a class action has been filed in the United States District Court for the District of Delaware on behalf of a class (the “Class”) consisting of all persons or entities who purchased the securities of Acuity Brands, Inc. (“Acuity” or the “Company”) (NYSE: AYI) during the period between June 29, 2016 and April 3, 2017, inclusive (the “Class Period”). The complaint alleges that Defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. Acuity provides lighting and building management solutions for commercial, institutional, industrial, infrastructure and residential applications.
Acuity has repeatedly surprised the market with a series of negative announcements. On October 5, 2016, Acuity reported that its financial results for the Company’s fourth quarter and fiscal year 2016 (ended August 31, 2016) fell below expectations. But the Company reiterated targeted sales growth in the “mid-to-upper-single-digit-range” and represented that Acuity was “on a path to almost quadruple” the Company’s maintenance-free LED lighting fixtures to 800,000. On January 9, 2017, Acuity reported lower-than-expected sales and disclosed that it had missed the 800,000 figure by over 10%, causing an approximately 15% drop in Acuity’s stock. Finally, on April 4, 2017, Acuity again reported poor financial results and acknowledged for the first time that demand softness “could potentially linger into the second half of 2017.” Acuity also shifted gears and now announced expected sales growth in the low, rather than mid to upper, single digits. On this news, Acuity’s share price fell $30.13, or approximately 15%. Throughout the Class Period, Defendants concealed known trends negatively impacting sales and overstated the Company’s ability to achieve sales growth.
Acuity’s poor results have continued past the Class Period. On January 9, 2018, Acuity again announced negative results, causing Acuity stock to fall another $27.78, or 15%.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Acuity securities during the Class Period. If you invested in Acuity securities as described above, and lost money on the transactions, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than March 5, 2018.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3.5 billion for its clients. The Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Delaware.