PHILADELPHIA, June 6, 2020 /PRNewswire/ -- Kaskela Law LLC announces that it is investigating Evoqua Water Technologies Corporation ("Evoqua" or the "Company") (NYSE: AQUA) on behalf of the Company's stockholders.
In 2019, a shareholder class action complaint was filed in federal court on behalf of investors who purchased shares of the Company's stock between November 1, 2017 and October 30, 2018. Among other things, the complaint alleges that during that time period "Evoqua engaged in increasingly aggressive tactics to artificially inflate its reported revenue, including fraudulent accounting manipulations in blatant violation of Generally Accepted Accounting Principles ('GAAP'")."
According to the complaint, on October 30, 2018, "the Company announced materially decreased revenues and further reduced guidance, which it attributed to 'acquisition integration issues,' 'supply chain disruptions,' and 'an extended delay on a large aquatics project.' The Company also disclosed that management had determined that Evoqua's business had to be re-structured—yet another stunning admission coming less than a year after the Company went public." Following this news, shares of the Company's stock declined $4.78 per share, or nearly 35% in value, on October 30, 2018.
The investigation seeks to determine whether the members of Evoqua's board of directors breached their fiduciary duties in connection with the above alleged misconduct.
Current Evoqua stockholders who purchased or acquired shares of the Company's stock prior to October 30, 2018 are encouraged to contact Kaskela Law LLC (D. Seamus Kaskela, Esq.) at (484) 258 – 1585, or by email at [email protected] or online at http://kaskelalaw.com/case/evoqua/, for additional information about this investigation and their legal rights and options.
Kaskela Law LLC prosecutes shareholder actions in state and federal courts throughout the country on behalf of investors. For additional information about Kaskela Law LLC please visit www.kaskelalaw.com. This notice may constitute attorney advertising in certain jurisdictions.
SOURCE Kaskela Law LLC