Acuity Brands Inc. (NYSE: AYI)
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.