The Newsroom

Investigations  /  11.06.2019

Investigation of AZZ Inc.

You Have Legal Options

AZZ, Inc. (AZZ) Reveals of Lack of Internal Controls

According to the class action complaint against the company for alleged violations of the Securities Exchange Act of 1934, throughout the relevant period, AZZ filed its quarterly reports on Form 10-Q, touting revenues in the hundreds of millions and net income in the tens of millions. In each of its Form 10-Q’s, AZZ failed to disclose that its internal control over financial reporting was not effective due to the Company’s improper implementation of ASC 606, resulting in improper revenue reconciliations. These issues became public knowledge on May 17, 2019, when AZZ disclosed in its Form 10-K that it had a material weakness in its internal control over financial reporting related to its revenue reconciliations. On October 11, 2019, AZZ filed a Notification of Late Filing with the SEC stating it needed “additional time to finalize its income tax accounting for the quarter, which [had] been impeded by an ongoing analysis of certain historical deferred tax balances.” Following this filing, on October 25, 2019, AZZ announced its Chief Accounting Officer’s departure effective by the end of the month. By the end of the class period, AZZ’s stock price had fallen 17% to close at $37.12 per share and has yet to recover.

  • If you would like more information about your rights and potential remedies please send us a message. 

  • Please Note: Neither the submission to nor the receipt of information by Robbins LLP or one of its attorneys through this website constitutes an agreement by our firm to represent the individual and does not create an attorney-client relationship. Please do not send confidential or sensitive information through this website. This information should be communicated through a direct contact with an individual at the firm.


How can we help you?

CONTACT US TODAY | 1 800 350 6003 or [email protected]

Tell us your concerns