SAN FRANCISCO, Aug. 03, 2015 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP, a national investor-rights law firm, advises investors of the September 28, 2015 lead plaintiff deadline in the securities fraud class action lawsuit filed against Advanced Drainage Systems, Inc. (NYSE:WMS) (“Advanced Drainage” or “the Company”). If you have losses in Advanced Drainage securities during the Class Period contact Hagens Berman Partner Reed Kathrein, who is leading the firm’s investigation, by calling (510) 725-3000, emailing WMS@hbsslaw.com or visiting http://hb-securities.com/investigations/WMS.
The lawsuit, pending in U.S. District Court for the Southern District of New York, is filed on behalf of investors who purchased Advanced Drainage securities between September 5, 2014 and July 14, 2015, inclusive, (the “Class Period”). No class has been certified in this case.
Advanced Drainage designs, manufactures, and markets thermoplastic corrugated pipes and related water management products for both residential, commercial, and agriculture customers in the United States and abroad. According to the complaint, throughout the Class Period defendants mislead investors and/or failed to disclose that: (1) the Company’s inventory values and cost of sales were misstated; (2) Advanced Drainage's transportation and equipment leases should be recorded as capital leases; and (3) as a result, Advanced Drainage's financial statements were materially false and misleading at all relevant times.
Investors learned the truth when on July 15, 2015, the Company announced that it had delayed the filing of its Annual Report on Form 10-K for the fiscal year ended March 31, 2015. In its release, Advanced Drainage announced that any necessary adjustments to its previously issued earnings release for the fourth quarter and full fiscal year 2015 would be made with the filing of its Form 10-K. As a result of this news, shares of Advanced Drainage Systems fell $0.56 per share to close at $28.69 per share on July 15, 2015.
If you were negatively impacted by your investment in Advanced Drainage between September 5, 2014 and July 14, 2015, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, please contact us for your no-cost evaluation.
Whistleblowers: Persons with non-public information regarding Advanced Drainage should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at (510) 725-3000 or email WMS@hbsslaw.com.
Hagens Berman is headquartered in Seattle, Washington with offices in nine cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. Read the Firm’s Securities Newsletter at http://www.hb-securities.com/newsletter, and visit the blog at www.meaningfuldisclosure.com. For the latest news visit http://www.hbsslaw.com/newsroom or follow us on Twitter at @hagensberman.
Contact: Reed Kathrein, (510) 725-3000
Source:Hagens Berman Sobol Shapiro LLP