Recent Securities Litigations
A.O. Smith Corporation Common Stock (NYSE: AOS)
According to the Complaint, A.O. Smith is a Milwaukee-based manufacturer of gas and electric water heaters, boilers, tanks and water treatment products.
The Complaint alleges that during the Class Period, the Defendants failed to disclose that the Company had used a distribution partner, Jiangsu UTP Supply Chain, to artificially inflate the Company’s sales and gross margins in the important Chinese market, and that as a result of this adverse information being withheld from the market, the price of the Company’s stock was artificially inflated during the Class Period.
This case was voluntarily dismissed on August 2, 2019. A related case continues under Docket 19-CV-01198.
On September 16, 2019, the Court issued an Order Lead Plaintiff and Counsel. Lead Plaintiff filed a consolidated Complaint on November 22. Defendants filed a Motion to Dismiss the consolidated Complaint on January 24, 2020. On June 24, the Court issued an Order granting Defendants’ Motion to Dismiss. Plaintiff was given leave to amend the Complaint.