Advanced Drainage Systems Inc. is an American company that manufactures high-performance pipe for storm water management systems.

According to the law firm press release, the lawsuit alleges that throughout the Class Period, Defendants issued materially false and misleading statements to investors and/or failed to disclose that: (1) Advanced Drainage Systems’ inventory values and cost of sales were misstated; (2) Advanced Drainage Systems’ transportation and equipment leases should be recorded as capital leases; and (3) as a result, Advanced Drainage Systems’ financial statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On January 11, 2016, the Court appointed lead Plaintiff and approved the selection of lead Counsel. Lead Plaintiff filed an amended Complaint on April 28, 2016.

On March 10, 2017, the Court issued an Order granting Defendants' motion to dismiss with prejudice. This case was closed. Lead Plaintiff filed a Notice appealing this decision on March 13. On December 7, the Court of Appeals affirmed the District Court's decision to dismiss the case.