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CLASS ACTION UPDATE for AOS, CLDR and ASNA: Levi & Korsinsky, LLP Reminds Investors of Class Actions on Behalf of Shareholders

NEW YORK, NY / ACCESSWIRE / June 18, 2019 / Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided.

A. O. Smith Corporation (AOS)
Class Period: July 26, 2016 - May 16, 2019
Lead Plaintiff Deadline : July 29, 2019
Join the action: https://www.zlk.com/pslra-1/a-o-smith-corporation-loss-form?prid=1992&wire=1

About the lawsuit: A. O. Smith Corporation allegedly made materially false and/or misleading statements during the class period and/or failed to disclose that: (a) A.O. Smith had undisclosed business connections and entanglements with UTP through which it funneled up to 75% of its China product sales; (b) A.O. Smith had used UTP to engage in channel stuffing by artificially inflating inventories purportedly sold through distributors that were not based on consumer demand, thereby approximately doubling the normal level of inventory at such distributors; (c) A.O. Smith had used its UTP relationship to artificially inflate the sales figures it reported to investors by as much as 8% and to conceal worsening sales trends that the Company was experiencing in China; (d) A.O. Smith's sales growth had been primarily in lower margin products as its higher priced products were being undercut by competition in "second-tier" Chinese cities, causing the Company to experience significant margin pressures; (e) A.O. Smith had increased its cash reserves in China to over $530 million in furtherance of its channel stuffing and sales manipulation scheme, encumbering the Company's ability to repatriate the cash or use it for capital expenditures; and (f) as a result of (a)-(e) above, A.O. Smith's business, operations, and prospects were significantly worse than publicly represented and the Company was poised for sales and earnings declines in China, its most important international market.

To learn more about the A. O. Smith Corporation class action contact jlevi@levikorsinsky.com.

Cloudera, Inc. (CLDR)
Class Period: April 28, 2017 - June 5, 2019
Lead Plaintiff Deadline : August 6, 2019
Join the action: https://www.zlk.com/pslra-1/cloudera-inc-loss-form?prid=1992&wire=1

About the lawsuit: Throughout the class period, Cloudera, Inc. allegedly made materially false and/or misleading statements and/or failed to disclose that: (i) Cloudera was finding it increasingly difficult to identify large enterprises interested in adopting the Company's Hadoop-based platform; (ii) Cloudera needed to expend an increasing amount of capital on sales and marketing activities to generate new revenues, even as new revenue opportunities were diminishing; and (iii) Cloudera had materially diminished sales opportunities and prospects and could not generate annual positive cash flows.

To learn more about the Cloudera, Inc. class action contact jlevi@levikorsinsky.com.

Ascena Retail Group, Inc. (ASNA)
Class Period: September 16, 2015 - June 8, 2017
Lead Plaintiff Deadline : August 6, 2019
Join the action: https://www.zlk.com/pslra-1/ascena-retail-group-inc-loss-form?prid=1992&wire=1

About the lawsuit: Ascena Retail Group, Inc. allegedly made materially false and/or misleading statements during the class period and/or failed to disclose that: (a) the ANN Acquisition was a complete disaster for the Company as Ann's operations were in far worse condition than had been represented to the public; (b) in order to mask the true condition of Ann, Defendants improperly delayed recognizing an impairment charge to the value of Ann's goodwill and, as a result, Ascena's reported income and assets were materially overstated and the Company's financial results were not prepared in conformity with GAAP; (c) many of the brands acquired in the ANN Acquisition were in steep decline and were also materially overvalued on Ascena's Class Period financial statements; and (d) as a result of the foregoing, Defendants lacked a reasonable basis for their positive statements about the Company, its operations and prospects.

To learn more about the Ascena Retail Group, Inc. class action contact jlevi@levikorsinsky.com.

You have until the lead plaintiff deadlines to request the court appoint as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.

Levi & Korsinsky is a national firm with offices in New York, California, Connecticut, and Washington D.C. The firm's attorneys have extensive expertise and experience representing investors in securities litigation, and have recovered hundreds of millions of dollars for aggrieved shareholders. Attorney advertising. Prior results do not guarantee similar outcomes.

CONTACT:

Levi & Korsinsky, LLP
Joseph E. Levi, Esq.
55 Broadway, 10th Floor
New York, NY 10006
jlevi@levikorsinsky.com
Tel: (212) 363-7500
Fax: (212) 363-7171
www.zlk.com

SOURCE: Levi & Korsinsky, LLP



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https://www.accesswire.com/549177/CLASS-ACTION-UPDATE-for-AOS-CLDR-and-ASNA-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders