Advanced Drainage Systems Inc. Securities Litigation
On or around 12/07/2017 (Other)
Filing Date: July 29, 2015
According to the law firm press release, the lawsuit alleges 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.
Company & Securities Information
Defendant: Advanced Drainage Systems Inc.
Sector: Capital Goods
Industry: Misc. Capital Goods
Headquarters: United States
Ticker Symbol: WMS
Company Market: New York SE
Market Status: Public (Listed)
About the Company & Securities Data
"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.
In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
First Identified Complaint
Christopher Wyche, et al. v. Advanced Drainage Systems Inc., et al.