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AZZ INC. INVESTOR ALERT: Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action lawsuit has been filed in the United States District for the Northern District of Texas against AZZ, Inc.

LEAD PLAINTIFF DEADLINE IS JANUARY 3, 2020

NEW YORK, Nov. 05, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP  announces that it has filed a federal securities class action lawsuit in the United States District Court for the Northern District of Texas on behalf of persons and entities that purchased or otherwise acquired AZZ Inc. (AZZ) (“AZZ” or the “Company”) securities between July 3, 2018 and October 8, 2019, inclusive (the “Class Period”).

All investors who purchased shares of AZZ, Inc. and incurred losses are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com.

If you have incurred losses in the shares of AZZ, Inc., you  may, no later than January 3, 2020, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in the shares of AZZ, Inc.

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The filed complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business,
operations, and prospects. Specifically, Defendants failed to disclose to investors:

  • that the Company’s internal controls over financial reporting were not effective;
     
  • that the Company improperly implemented ASC 606 which resulted in improper revenue reconciliations; and
     
  • that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations and prospects were materially misleading and/or lacked a reasonable basis.

On May 20, 2019, before the market opened, AZZ announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP. On this news, the Company’s stock price fell $1.21, to close at $43.35 per share on May 20, 2019.

Subsequently, 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.”
The Company’s stock price fell $5.89, nearly 14%, to close at $37.12 per share on October 8, 2019.

After the end of the class period, on October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774

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