NEW YORK, Feb. 3, 2018 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against AZZ Inc. ("AZZ" or the "Company") (NYSE: AZZ) and certain of its
officers. The class action, filed in United States District Court for the Northern
District of Texas, Fort Worth Division, is on behalf of a class consisting of investors who
purchased or otherwise acquired the securities of AZZ between April 22, 2015 and January 8, 2018, both dates inclusive (the "Class Period"). Plaintiff seeks to recover compensable damages
caused by Defendants' violations of the federal securities laws and to pursue remedies under Sections 10(b) and 20(a) of the
Securities Exchange Act of 1934 (the "Exchange Act") and Rule 10b-5 promulgated thereunder.
If you are a shareholder who purchased AZZ securities between August 4, 2017, and January 5, 2018, both dates inclusive, you have until March 12, 2018, to ask the
Court to appoint you as Lead Plaintiff for the class. To discuss this action, contact Robert S.
Willoughby at rswilloughby@pomlaw.com or
888.476.6529 (or 888.4-POMLAW), toll-free, Ext. 9980. Those who inquire by e-mail are encouraged to include their mailing
address, telephone number, and quantity of shares purchased.
[Click here
to join this class action]
AZZ manufactures specialty electrical equipment and components for the global power generation, power transmission, and
distribution markets. The Company also provides hot dip galvanizing services to the steel fabrication industry across
the United States.
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: (i) that the Company misstated revenues for its Energy Segment for the duration of the
Class Period; (ii) that it had failed to report revenues in compliance with FASB's Accounting Standards Codification
605-35-25-92, (iii) that the Company lacked adequate internal controls over financial reporting; (iv) that its purported efforts,
over more than two years, to evaluate revenue recognition standards had been an apparent failure; and that (v) as a result of the
foregoing, AZZ's publicly disseminated financial statements were materially false and misleading.
On January 9, 2018, AZZ announced: "that the Company historically should have accounted
differently for certain contracts within its Energy Segment." Specifically, the Company reported that revenue for the
contracts at issue "was historically recognized for the Energy Segment upon transfer of title and risk to customers or based upon
the percentage of completion method of accounting for electrical products built to customer specifications," but that "in the
case of contracts for which revenue was recorded upon contract completion and transfer of title, the Company instead should have
applied the percentage of completion method." AZZ advised investors that it "is currently reviewing whether . . . there are
any significant impacts to the Company's audited consolidated financial statements for the fiscal years ended February 28, 2015, and 2017, and the fiscal year ended February 29, 2016, as
contained in its 2017 Annual Report on Form 10-K and the previously issued unaudited financial statements contained in its
Quarterly Reports on Form 10-Q for the quarters ended May 31, 2017, and August 31, 2017."
On this news, AZZ's share price fell $3.14, or 6.2%, to close at $47.50 on January 9, 2018.
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.
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP