Kessler Topaz Meltzer & Check, LLP Announces Shareholder Class Action Filed Against AZZ Inc. - AZZ

RADNOR, Pa., Feb. 1, 2018

Investors who purchased AZZ securities during the Class Period may, no later than March 12, 2018, seek to be appointed as a lead plaintiff representative of the class. For additional information or to learn how to participate in this action please visit https://www.ktmc.com/new-cases/azz-inc#join

AZZ shareholders who wish to discuss this action and their legal options are encouraged to contact Kessler Topaz Meltzer & Check, LLP (Darren J. Check, Esq., D. Seamus Kaskela, Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or at info@ktmc.com.

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.

As detailed in the complaint, on January 9, 2018, AZZ disclosed to investors that it "should have accounted differently for certain contracts within its Energy Segment." The Company further disclosed that it was "reviewing whether its historical accounting for these contracts differs materially and if there are any significant impacts to the Company's audited consolidated financial statements." Finally, AZZ indicated that its accounting review was "ongoing, and the Company cannot yet estimate when it will be completed," and that "the Company cannot yet conclude upon the materiality of any potential adjustments."

Following these disclosures, shares of AZZ's stock fell $3.14 per share, or over 6%, to close on January 9, 2018 at $47.50 per share, on heavy trading volume.

Among other things, the shareholder class action complaint alleges that, during the Class Period, AZZ and certain of its executive officers made false and misleading statements and/or failed to disclose that the Company: (i) had misstated revenues for its Energy Segment; (ii) had failed to report revenues in compliance with applicable accounting standards; and (iii) lacked adequate internal controls over financial reporting. As a result of the foregoing, AZZ's publicly disseminated financial statements during the Class Period were materially false and misleading.