A class action lawsuit was filed against Acuity Brands for allegedly misrepresenting Acuity’s ability to maintain the rate of sales growth for the class period October 7, 2015, through April 3, 2017, appears to be settled. Your humble editor was retained by counsel, King & Spaulding, for Defendants Acuity Brands, Inc., Vern Nagel, Ricky Reece, and Mark Black to serve as an independent expert on the lighting industry in connection with the lawsuit. Specifically, I was asked to provide expert testimony on competition in the lighting industry, including Acuity’s performance in the market. Therefore, I have refrained from covering this story.
The parties have agreed and are waiting for the judge to approve. Read the details at inside.lighting. Acuity has offered to pay $15.75M, which reflects approximately 2.7% to 7.3% of alledged damages.