SAN DIEGO, May 09, 2016 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a lawsuit is pending in New York on behalf of certain purchasers of shares of Advanced Drainage Systems Inc (NYSE:WMS) over alleged Securities Laws Violations by Advanced Drainage Systems.
Investors who purchased shares of Advanced Drainage Systems Inc (NYSE:WMS) prior to January 2011 and currently hold any of those NYSE:WMS shares have also certain options and should contact the Shareholders Foundation at firstname.lastname@example.org or call +1(858) 779 - 1554.
On July 15, 2015, Advanced Drainage Systems Inc announced the delay in filing of its 2015 annual report due to an ongoing review of the “methodologies utilized in its year-end inventory costing analysis and the related impact on the Company’s fiscal year 2015 financial statements.” Advanced Drainage Systems Inc further stated, that “the Company anticipates that the effect of this review will be a reduction of year-end inventory values for fiscal year 2015 as compared to previously reported amounts, and a related increase in cost of sales.”
On July 29, 2015 a lawsuit was filed against Advanced Drainage Systems over alleged Securities Laws Violations. The plaintiff alleged that the defendants issued certain materially false and misleading statements to investors and/or failed to disclose that Advanced Drainage Systems’ inventory values and cost of sales were misstated, that Advanced Drainage Systems’ transportation and equipment leases should be recorded as capital leases; and that as a result, Advanced Drainage Systems’ financial statements were materially false and misleading at all relevant times. On April 28, 2016, an amended complaint was filed.
Those who purchased shares of Advanced Drainage Systems Inc prior to January 2011 and currently hold any of those NYSE:WMS shares have certain options and should contact the Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
CONTACT: Shareholders Foundation, Inc. Michael Daniels +1 (858) 779-1554 email@example.com 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
Source:Shareholders Foundation, Inc.