According to the Complaint, Evoqua Water Technologies Corp. purports to be a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support their customers’ full water lifecycle needs. With over 200,000 installations worldwide, the Company holds leading positions in the industrial, commercial and municipal water treatment markets in North America. Evoqua offers a portfolio of differentiated, proprietary technology solutions sold under a number of brands. Evoqua claims that the customer intimacy created through its service network is a significant competitive advantage.

The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operations and compliance policies. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Evoqua failed to successfully integrate its prior acquisitions; (ii) Evoqua was experiencing supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project; and (iii) as a result of the foregoing, Evoqua’s public statements were materially false and misleading at all relevant times.

On January 31, 2019, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on April 3. Defendants filed a Motion to Dismiss the consolidated Complaint on June 26. On March 30, 2020, the Court issued an Order granting in part and denying in part Defendants' Motion to Dismiss.

The parties entered into a Stipulation and Agreement of Settlement on May 28, 2021. On July 8, the Court granted preliminary approval of the Settlement. On November 1, the Court granted final approval of the Settlement and entered Final Judgment.

On December 1, 2022, the Court issued an Order approving the Settlement's Distribution Plan.