Johnson Fistel Investigates Acuity Brands; Should Management be Held Accountable for Investors Losses?
SAN DIEGO, Jan. 16, 2020 /PRNewswire/ — Johnson Fistel, LLP is investigating potential claims on behalf of Acuity Brands, Inc. (“Acuity” or the “Company”) (NYSE: AYI) against certain of its officers and directors.
In 2018, a class-action lawsuit was filed in federal court against Acuity on behalf of purchasers of the securities of Acuity from June 29, 2016, and April 3, 2017 (the “Class Period”). The defendants moved to dismiss the case, which the court denied in part on August 12, 2019.
The complaint alleges that during the Class Period, the defendants: (i) concealed known trends negatively impacting sales of the Company’s products; and (ii) overstated the Company’s ability to achieve profitable sales growth. As a result of the foregoing, the defendants lacked a reasonable basis for their positive statements about Acuity’s current and future business and financial prospects.
The class-action lawsuit further alleges that three of Acuity’s senior executive officers, including its CEO and President, sold approximately $50 million in Company stock before disclosing the truth regarding Acuity’s current and future business prospects.
If you are a current, long-term shareholder of Acuity, holding shares before June 29, 2016, you may have standing to hold Acuity harmless from the alleged harm caused by the officers and directors of the Company by making them personally responsible. You may also be able to assist in reforming the Company’s corporate governance to prevent future wrongdoing.
If you are interested in learning more about the investigation, please contact lead analyst Jim Baker (email@example.com) at 619-814-4471. If emailing, please include a phone number.
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About Johnson Fistel, LLP:
Johnson Fistel, LLP is a nationally recognized shareholder rights law firm with offices in California, New York and Georgia. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits. For more information about the firm and its attorneys, please visit http://www.johnsonfistel.com. Attorney advertising. Past results do not guarantee future outcomes.