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Grabar Law Office Is Investigating Claims On Behalf Of Long-Term Shareholders Of Atkore Inc. (NYSE: ATKR); Crocs, Inc. (NASDAQ: CROX); Methode Electronics, Inc. (NYSE: MEI); and Ocugen, Inc. (NASDAQ: OCGN)
PHILADELPHIA, Feb. 24, 2025 (GLOBE NEWSWIRE) -- Grabar Law Office is investigating claims on behalf of Atkore Inc. (NYSE:ATKR) shareholders. The investigation concerns whether certain officers of Atkore have breached their fiduciary duties owed to the company.
Current Atkore shareholders who have held Atkore stock since on or before February 1, 2024, or alternatively, who purchased shares between February 1, 2024 and February 3, 2025, are encouraged to visit https://grabarlaw.com/the-latest/atkore-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com, or call 267-507-6085 to learn more.
WHY: An underlying securities fraud class action alleges that the Atkore Inc., through certain of its executives, violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Atkore engaged in an anticompetitive price-fixing scheme that artificially inflated the price of PVC Pipes; (2) in turn, Atkore reaped significant, unsustainable financial benefits from its anticompetitive conduct; (3) as Atkore's price-fixing scheme was exposed, the Company and its price fixing co-conspirators were no longer able to artificially inflate the price of PVC Pipes, resulting in a substantial decrease in the price of PVC Pipes; (4) Atkore's business and operations were negatively impacted; and (5) as a result of the above, Defendants' positive statements about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
On February 4, 2025, when Atkore announced its financial results for the first quarter of fiscal year 2025, reporting net sales of $661.6 million-below analysts' estimates of $680.7 million. Additionally, Atkore significantly reduced its adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance for the rest of fiscal year 2025. During the corresponding earnings call that same day, CFO Deitzer disclosed that Atkore's "plastic pipe and conduit product category declined mid-single digits during the quarter[,]" compared to "high single digits in the prior year." CFO Deitzer also attributed the guidance reduction to the forthcoming poor performance of Atkore's PVC business, stating, "I'd say roughly $75 million or 3/4 of that is on the PVC side."
On this news, the price of Atkore common stock fell $15.59 per share, or nearly 20%, from a closing price of $79.72 per share on February 3, 2025, to a closing price of $64.13 per share on February 4, 2025
WHAT YOU CAN DO NOW: Current Atkore shareholders who have held Atkore stock since on or before February 1, 2024, or alternatively, who purchased shares between February 1, 2024 and February 3, 2025, are encouraged to visit https://grabarlaw.com/the-latest/atkore-shareholder-investigation/, contact us at jgrabar@grabarlaw.com, or call 267-507-6085 to learn more about their rights. $ATKR #ATKORE
You may be able to seek damages, corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to you whatsoever.
Current shareholders who acquired Crocs, Inc. (NASDAQ:CROX) shares prior to November 3, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them whatsoever. You do not need to have lost money on your investment in order to participate. To learn more visit https://grabarlaw.com/the-latest/crocs-shareholder-investigation/ or contact Joshua H. Grabar at jgrabar@grabarlaw.com, or call us at 267-507-6085.
WHY: Grabar Law Office is investigating claims on behalf of shareholders of Crocs, Inc. (NASDAQ:CROX). The investigation concerns whether certain officers and directors of Crocs breached their fiduciary duties.
On February 17, 2022, Crocs acquired100% of the equity of a privately-owned casual footwear brand business ("HEYDUDE"), pursuant to a securities purchase agreement entered into on December 22, 2021. HEYDUDE is engaged in the business of distributing and selling casual footwear under the brand name "HEYDUDE." The majority of HEYDUDE sales are currently in the United States.
Croc's acquisition of HEYDUDE, is now at the center of a securities fraud class action complaint. According to the underlying class action complaint, it is alleged that Croc's, Inc. (NASDAQ:CROX), via certain of its officers and directors, made materially false and/or misleading statements, as well as failed to disclose material adverse facts, about the Company's business and operations. Specifically, Defendants misrepresented and/or failed to disclose: (1) the nature and sustainability of HEYDUDE's revenue growth by concealing that 2022 revenue growth was driven, in large part, by the Company's efforts to stock third-party wholesalers and retailers following the February 2022 acquisition of HEYDUDE; (2) that as the Company's retail partners began to destock this excess inventory, waning product demand further negatively impacted the Company's financial results; and (3) that, as a result, Defendants' representations about the Company's business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis.
WHAT YOU CAN DO NOW: Current Crocs shareholders who have held shares of the Company's stock since prior to November 3, 2022, can seek corporate reforms, the return of funds, and a court approved incentive award if appropriate.
Grabar Law Office is investigating claims on behalf of Methode Electronics Inc. (NYSE:MEI) shareholders. The investigation concerns whether certain officers of Methode Electronics have breached the fiduciary duties they owed to the company.
Current Methode Electronics, Inc. (NYSE:MEI) shareholders who have held Methode Electronics shares since prior to June 23, 2022, can seek corporate reforms, the return of funds back to the company,and a court approved incentive award - allat no cost to them whatsoever. To learn more visit:https://grabarlaw.com/the-latest/methode-shareholder-investigation/, contact Joshua Grabar at jgrabar@grabarlaw.com, or call 267-507-6085.
Why: A recently filed underlying securities fraud class action complaint alleges that Methode Electronics, via certain of its officers and directors, made false and/or misleading statements and/or failed to disclose that: (i) Methode Electronics had lost highly skilled and experienced employees during the COVID-19 pandemic necessary to successfully complete Methode Electronics' transition from its historic low mix, high volume production model to a high mix, low production model at its Monterrey facility; (ii) Methode Electronics' attempts to replace its General Motors center console production with more diversified, specialized products for a wider array of vehicle manufacturers and OEMs, in particular in the electric vehicle ("EV") space, had been plagued by production planning deficiencies, inventory shortages, vendor and supplier problems, and, ultimately, botched execution of Methode Electronics' strategic plans; (iii) Methode Electronics' manufacturing systems at its critical Monterrey facility suffered from a variety of logistical defects, such as improper system coding, shipping errors, erroneous delivery times, deficient quality control systems, and failures to timely and efficiently procure necessary raw materials; (iv) Methode Electronics had fallen substantially behind on the launch of new EV programs out of its Monterrey facility, preventing Methode Electronics from timely receiving revenue from new EV program awards; and (v) as a result, Methode Electronics was not on track to achieve the 2023 diluted earnings-per-share guidance or the 3-year 6% organic sales compound annual growth rate represented to investors and such estimates lacked a reasonable factual basis.
Current Methode Electronics shareholders who have held Methode Electronics stock since prior to June 23, 2022, can seek corporate reforms, the return of funds back to the company, and a court approved incentive award at no cost to them whatsoever.
WHY. After market hours on April 1, 2024, Ocugen filed a Notification of Late Filing on Form 12b-25 with the SEC, stating that "in connection with the preparation of the financial statements of the Company for the year ended December 31, 2023, the Company identified certain accounting errors relating to the application of U.S. GAAP to certain agreements with one of its business partners related to a collaboration agreement. As a result, the Company intends to restate its financial statements for the year ended December 31, 2022 and for each of the first three quarters of 2022 and 2023 in the 2023 Form 10-K, the review and preparation of which is currently ongoing."
A recently filed securities fraud class action complaint alleges that Ocugen, via certain of its officers and directors, made materially false and/or misleading statements and/or failed to disclose that: (1) Ocugen's financial statements from May 8, 2020 to the present were materially misstated; (2) Ocugen did not have adequate internal controls; and (3) as a result, Defendants' statements about its business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all times.
WHAT YOU CAN DO NOW: Current Ocugen shareholders who have held Ocugen shares since prior to May 8, 2020, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award, at no cost to them.
Contact: Joshua H. Grabar, Esq. Grabar Law Office One Liberty Place 1650 Market Street, Suite 3600 Philadelphia, PA 19103 Tel: 267-507-6085 Email: jgrabar@grabarlaw.com
