DENVER, CO, January 15, 2020 – Shuman Glenn & Stecker announces that it is investigating potential shareholder claims against certain officers and directors of Acuity Brands, Inc. (“Acuity” or the “Company”) (NYSE: AYI). Acuity provides lighting products to commercial and residential customers.
The Firm’s investigation relates to allegations raised in a class action complaint filed against the Company and certain of its senior officers in the U.S. District Court for the Northern District of Georgia. The lawsuit alleges that Acuity and certain of the Company’s senior executive officers violated the federal securities laws by making a series of materially false and misleading statements to shareholders about Acuity’s ability to maintain sales growth rates. The Company’s stock has fallen from a high of more than $275 per share in August of 2016 to approximately $121 per share as of the date of this release. The class action lawsuit further alleges that three of Acuity’s senior executive officers, including its CEO and President, sold approximately $50 million in Company stock prior to disclosing the truth regarding Acuity’s current and future business prospects. On August 12, 2019, the federal judge denied the defendants’ motion to dismiss the class action lawsuit, in part, and is permitting claims against Acuity and certain of its senior officers to proceed towards trial.
If you currently own Acuity common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Brett Stecker toll free at (866) 569-4531 or email Mr. Stecker at firstname.lastname@example.org.