SAN DIEGO and HILLIARD, Ohio, July 20, 2015 /PRNewswire/ -- Shareholder rights law firm Robbins Arroyo LLP is investigating whether certain officers and directors of Advanced Drainage Systems, Inc. (NYSE: WMS) breached their fiduciary duties to shareholders. Advanced Drainage Systems, Inc. designs, manufactures, and markets thermoplastic corrugated pipes and related water management products for non-residential, residential, agriculture, and infrastructure applications in the United States and internationally.
View this press release on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/shareholders-rights-blog/advanced-drainage-systems-inc
Advanced Drainage Systems, Inc. Delays Filing of Its Form 10-K
On July 15, 2015, Advanced Drainage Systems, Inc. announced that it had delayed the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2015. According to the release, the delay is due to a review of the methodologies used in the company's year-end inventory costing analysis and the related impact on its fiscal year 2015 financial statements. The review will assess the impact of highly volatile raw material costs during the company's fiscal 2015 fourth quarter. Advanced Drainage predicts that the effect of the review will be a reduction of year-end inventory values for fiscal year 2015 as compared to previously reported amounts, and a related increase in cost of sales. Any necessary adjustments to its previously issued earnings release for the fourth quarter and full fiscal year 2015 will be made with the filing of its Form 10-K.
In light of this news, Robbins Arroyo LLP's investigation focuses on whether Advanced Drainage Systems and/or its officers misled shareholders by issuing false statements regarding the company's business or failed to implement appropriate internal controls to ensure truthful and accurate financial reporting.
Advanced Drainage Systems, Inc. Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, DDonahue@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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SOURCE Robbins Arroyo LLP