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Case Status:    DISMISSED    
On or around 10/08/2018 (Notice of voluntarily dismissal)

Filing Date: January 11, 2018

AZZ is a global provider of galvanizing services, welding solutions, specialty electrical equipment and highly engineered services to the power generation, transmission, distribution, refining and industrial markets. It has two distinct operating segments: the Energy Segment and Galvanizing Segment. AZZ Galvanizing provides metal finishing solutions. AZZ Energy is dedicated to delivering safe and reliable transmission of power from generation sources to end customers, and automated weld overlay solutions for corrosion and erosion mitigation to critical infrastructure in the energy markets worldwide. This case concerns revenue recognition by AZZ Energy, or the “Energy Segment.”

According to the law firm press release, on January 9, 2018, AZZ announced that it had determined that it should have accounted differently for certain contracts within its Energy Segment. AZZ said it has been reviewing the impact of this change on its historical accounting and impacts on its 2015 through 2017 financial results and it said it would delay the release of its Form 10-Q for the quarter ended November 30, 2017.

The Complaint alleges that between April 22, 2015 and January 8, 2018, inclusive (the "Class Period"), the Defendants repeatedly misrepresented their financial results, failed to report revenues in compliance with FASB accounting standards, lacked adequate controls over financial reporting and failed to disclose the failure of more than two years of purported efforts to evaluate new accounting standards.

On August 9, 2018, the Court issued an Order appointing Lead Plaintiff and Counsel.

This case was voluntarily dismissed on October 8, 2018.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Constr. & Agric. Machinery
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: AZZ
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.
COURT: N.D. Texas
DOCKET #: 18-CV-00025
JUDGE: Hon. Terry R Means
DATE FILED: 01/11/2018
CLASS PERIOD START: 04/22/2015
CLASS PERIOD END: 01/08/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Block & Leviton LLP
    155 Federal Street, Suite 1303, Block & Leviton LLP, MA 02110
    (617) 398-5600 (617) 507-6020 ·
  2. Kendall Law Group, LLP
    3232 McKinney, Ste 700, Kendall Law Group, LLP, TX 75204
    214.744.3000 214.744.3000 ·
No Document Title Filing Date
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