NEW YORK, Aug. 16, 2016 /PRNewswire/ --Pomerantz LLP is investigating claims on behalf of investors of AECOM ("AECOM" or the "Company") (NYSE: ACM). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether AECOM and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On August 16, 2016, Spruce Point Capital Management published a report on AECOM (the "Spruce Point Report"), stating that "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." Among other issues, the Spruce Point Report cited "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."
On this news, AECOM stock has fallen as much as $1.73, or 4.93%, to $33.36 during intraday trading on August 16, 2016.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los Angeles, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP