NEW YORK, Nov. 18, 2019 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of AZZ, Inc. ("AZZ" or the "Company") (NYSE: AZZ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether AZZ and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 17, 2019, post-market, AZZ disclosed a material weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations after adopting a new revenue recognition standard. Then, on May 20, 2019, AZZ announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP. On this news, AZZ's stock price fell $1.21 per share, or 2.66%, to close at $43.35 per share on May 20, 2019.
Finally, on October 8, 2019, AZZ delayed its second quarter 202 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 this news, AZZ's stock price fell $5.89 per share, or 13.69%, to close at $37.12 per share on October 8, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris 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
888-476-6529 ext. 9980
SOURCE Pomerantz LLP