According to the law firm press release, Acuity Brands, Inc. is a provider of lighting and building management solutions for commercial, institutional, industrial, infrastructure, and residential applications.

The stockholder class action complaint alleges that throughout the Class Period, the Defendants failed to disclose material adverse facts about the Company’s financial well-being, business relationships, and prospects. Among other things, the complaint alleges that 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, Defendants lacked a reasonable basis for their positive statements about Acuity’s current and future business and financial prospects.

On April 30, 2018, the Court issued an Order transferring the case to the District Court for the Northern District of Georgia.

On August 13, 2018, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. All future docketing was ordered to be done in the lead case 18-CV-02140. On October 5, Lead Plaintiff filed a consolidated amended Complaint. Defendants filed a Motion to Dismiss the consolidated amended Complaint on November 30. On August 12, 2019, the Court issued an Order granting in part and denying in part the Motion to Dismiss.

On August 25, 2020, the Court issued an Order certifying a Class and appointing a Class Representative. Defendants filed a notice appealing the Class Certification Order on November 18. On October 7, 2021, the Court of Appeals granted the parties' joint motion to hold the appeal in abeyance pending a Settlement in principle.

On December 2, 2021, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on December 23. On June 7, 2022, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

On July 25, 2022, the appeal pending in the Court of Appeals was voluntarily dismissed.

The Court issued an Order authorizing distribution of the net Settlement fund on December 29, 2023.