Kessler Topaz Meltzer & Check, LLP Announces a Securities Fraud Class Action Filed Against Evoqua Water Technologies Corp.1 Views
RADNOR, Pa., Nov. 09, 2018 (GLOBE NEWSWIRE) -- The law firm of Kessler Topaz Meltzer & Check, LLP announces that a securities fraud class action lawsuit has been filed in the United States District Court for the Southern District of New York against Evoqua Water Technologies Corp. (NYSE: AQUA) (“Evoqua”) on behalf of purchasers of Evoqua securities on the open market between November 6, 2017 and October 30, 2018, inclusive (the “Class Period”).
Important Deadline: Investors who purchased Evoqua securities during the Class Period may, no later than January 7, 2019, 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 www.ktmc.com/evoqua-securities-class-action.
According to the complaint, Evoqua purports to be a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support its customers’ full water lifecycle needs. With over 200,000 installations worldwide, Evoqua holds leading positions in the industrial, commercial and municipal water treatment markets in North America. Evoqua offers a portfolio of differentiated, proprietary technology solutions sold under a number of brands. Evoqua claims that the customer intimacy created through its service network is a significant competitive advantage.
The Class Period commences November 6, 2017, the date of the completion of Evoqua’s initial public offering (“IPO”). In the IPO prospectus, filed with the SEC on November 2, 2017 and part of its IPO registration statement, Evoqua touted its “[e]xperienced management team with proven operational capabilities” as one of its strengths.
According to the complaint, on October 30, 2018, Evoqua announced disappointing preliminary financial results for the fourth quarter and fiscal year ended September 30, 2018. Evoqua said the shortfalls are “primarily due to acquisition system integration issues, supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project.”
Following this news, Evoqua’s stock price fell $4.78 per share, or 34.64%, to close at $9.02 on October 30, 2018.
The complaint alleges that throughout the Class Period, the defendants made false and/or misleading statements and/or failed to disclose that: (i) Evoqua failed to successfully integrate its prior acquisitions; (ii) Evoqua was experiencing supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project; and (iii) as a result of the foregoing, Evoqua’s public statements were materially false and misleading at all relevant times.
If you wish to discuss this securities fraud class action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check (James Maro, Jr., Esq. or Adrienne Bell, Esq.) at (888) 299-7706 or (610) 667-7706, or via e-mail at [email protected].
Evoqua investors may, no later than January 7, 2019, seek to be appointed as a lead plaintiff representative of the class through Kessler Topaz Meltzer & Check, or other counsel, or may choose to do nothing and remain an absent class member. A lead plaintiff is a representative party who acts on behalf of all class members in directing the litigation. In order to be appointed as a lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Kessler Topaz Meltzer & Check prosecutes class actions in state and federal courts throughout the country involving securities fraud, breaches of fiduciary duties and other violations of state and federal law. Kessler Topaz Meltzer & Check is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world. The firm represents investors, consumers and whistleblowers (private citizens who report fraudulent practices against the government and share in the recovery of government dollars). The complaint in this action was not filed by Kessler Topaz Meltzer & Check. For more information about Kessler Topaz Meltzer & Check, please visit www.ktmc.com.
Kessler Topaz Meltzer & Check, LLP
James Maro, Jr., Esq.
Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087