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Lawsuit filed for Investors in shares of AZZ Inc. (NYSE: AZZ)

11-12-2019 06:53 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in AZZ Inc. (NYSE: AZZ) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in AZZ Inc. (NYSE: AZZ) shares over alleged securities laws violations.

An investor, who purchased shares of AZZ Inc. (NYSE: AZZ), filed a lawsuit in the U.S. District Court for the Northern District of Texas over alleged violations of Federal Securities Laws by AZZ Inc.

Investors who purchased shares of AZZ Inc. (NYSE: AZZ) should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

On May 17, 2019, AZZ Inc disclosed a material weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations.
On May 20, 2019, before the market opened, AZZ Inc announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP.

On October 8, 2019, Azz Inc 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 October 25, 2019, AZZ announced that its Chief Accounting Officer “will leave the Company effective October 31, 2019.”

The plaintiff claims that between July 3, 2018 and October 8, 2019, the 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.

Those who purchased shares of AZZ Inc. (NYSE: AZZ) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

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