Grant & Eisenhofer files class action lawsuit against Atkore in Northeast
Grant & Eisenhofer P.A. has taken legal action against Atkore, Inc., with a new class action lawsuit filed on behalf of King P. Coles, II. The lawsuit extends the class period of a previously filed action, alleging that Atkore, its CEO William E. Waltz, former CFO David P. Johnson, and CFO John M. Deitzer defrauded investors by providing false and misleading information about the company’s financial status. The lawsuit specifically claims that Atkore’s financial results were distorted due to a price-fixing scheme that inflated the prices of its PVC pipes.
The class action lawsuit, filed in the United States District Court for the Northern District of Illinois, asserts that Atkore’s actions violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. It alleges that Atkore engaged in a price-fixing scheme that artificially raised the price of PVC pipes, benefiting the company in the process. However, as the scheme was exposed, Atkore and its competitors were unable to maintain inflated prices, leading to a decrease in PVC pipe prices and a negative impact on Atkore’s financial performance.
Following multiple instances of falling short of earnings expectations and lowering guidance, Atkore reported disappointing financial results for the first quarter of fiscal year 2025 and reduced its full-year outlook. This decline was primarily attributed to decreased average selling prices and sales volume, particularly in Atkore’s PVC business. As a result, the company’s stock price fell significantly.
Investors who purchased or acquired Atkore common stock during the defined Class Period may be eligible to seek appointment as lead plaintiff in the class action lawsuit. This position involves representing the interests of the class in legal proceedings, as per the provisions of the Private Securities Litigation Reform Act of 1995. The deadline for moving the Court to become lead plaintiff is April 23, 2025.
Those affected by the alleged misconduct by Atkore and its leadership are encouraged to contact Grant & Eisenhofer for more information on their rights and potential actions related to the lawsuit. Additional details can be found on gelaw.com. The legal action taken by Grant & Eisenhofer underscores the importance of holding companies accountable for their actions and ensuring transparency and fairness in financial reporting and business operations.
