According to the law firm press release, Acuity 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, the Court issued an Order consolidating cases and appointing Lead Plaintiff and Counsel. The consolidated cases shall be identified as "In re Acuity Brands, Inc. Securities Litigation." 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. Plaintiffs were given leave to amend the Complaint.