NEW YORK, Sept. 2, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against AECOM ("AECOM" or the "Company") (NYSE: ACM) and certain of its officers. The class action is on behalf of a class consisting of all persons or entities who purchased AECOM securities between February 11, 2015 and August 15, 2016 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
AECOM and its subsidiaries design, build, finance, and operate infrastructure assets worldwide. On October 17, 2014, AECOM announced that the Company had settled its acquisition of URS Corp. ("URS" and the "URS Acquisition").
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) AECOM engaged in fraudulent and deceptive business practices (2) AECOM lacked effective internal controls over financial reporting; (3) AECOM overstated the benefits of the URS Acquisition; (4) AECOM overstated the Company's free cash flow per share; and (5) consequently, AECOM's public statements were materially false and misleading at all relevant times.
On August 16, 2016, Spruce Point Capital Management released an article about AECOM and wrote, "after a careful forensic financial and accounting analysis of AECOM's recent financial results and condition, we believe that AECOM's stock is worth approximately 33% - 45% less than its current price." The Spruce Point Report also noted that there is "material weaknesses of internal controls over financial reporting associated with [the Company's] acquisition of URS [Corp.]" and AECOM management's "misaligned incentive structure," pursuant to which the Company's "CEO's $18 million compensation in 2015 [was] heavily tied to its aggressive interpretation of its Free Cash Flow per share." Following this news, AECOM stock dropped $1.65, or 4.7%, to close at $33.44 on August 16, 2016, damaging investors.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm's site: http://www.bgandg.com/acm or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in AECOM you have until October 31, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | email@example.com
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