SAN DIEGO & MINNEAPOLIS–(BUSINESS WIRE)–$APOG #ClassAction–Shareholder rights law firm Robbins
Arroyo LLP announces that purchasers of Apogee Enterprises, Inc.
(NasdaqGS: APOG) have filed a class action complaint against the
company’s officers and directors for alleged violations of the
Securities Exchange Act of 1934 between June 28, 2018 and September 17,
2018. Apogee designs and develops glass and metal products and services
in the United States, Canada, and Brazil.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/apogee-enterprises-inc/
Apogee Accused of Overestimating Its Ability to Take on the Tight
According to the complaint, Apogee told investors that the company was
positioned for long-term, stable earnings and cash flow growth. However,
Apogee could not live up to its projections because it lacked the
required labor force to ramp-up its production and was unable to hire
and retain new employees. On September 18, 2018, Apogee issued
disappointing financial results, citing increased labor costs, lower
productivity, and higher cost of quality. Apogee’s CEO then admitted
that Apogee was never ready to meet the previously announced growth and
margins and that the company was not prepared for the tight labor
market. On this news, Apogee’s stock fell over 13% to close at $41.76
per share on September 19, 2018, and has since continued to decline.
Apogee Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leonid Kandinov at
(800) 350-6003, LKandinov@robbinsarroyo.com,
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested. Sign up for our FREE
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