According to the Complaint, Apogee Enterprises, Inc. ("Apogee" or the Company) purports to be an industry leader in architectural products and services. It operates nine companies, 15 fabrication and manufacturing locations in the United States, and nine international locations. The Company claims to generate most of its revenue through its architectural glass, metal and installation businesses.
The Complaint alleges that throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (i) Apogee lacked the required labor force in place to ramp-up its production; (ii) Apogee was unable to hire, train and retain new employees; (iii) Apogee’s productivity and margins would be negatively impacted; and (iv) as a result of the foregoing, Defendants’ statements about the Company’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On February 26, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on April 26. On June 28, Defendants filed a Motion to Dismiss the amended Complaint. The Court issued an Order on March 25, 2020, granting Defendants' Motion to Dismiss. Plaintiffs were given leave to amend the Complaint. Plaintiffs filed to provide a proposed amended pleading, and on May 5, the Court entered Judgment in favor of the Defendants.