COMPANY |
AO Smith Corporation |
COURT |
United States District Court for the Eastern District of Wisconsin |
CASE NUMBER |
19-cv-00786 |
JUDGE |
The Hon. Lynn S. Adelman |
CLASS PERIOD |
July 26, 2016 - May 16, 2019 |
SECURITY TYPE |
Common Stock |
Case Background:
On May 28, 2019, the initial complaint in this securities class action was filed against A.O. Smith Corporation ("A.O. Smith" or the "Company"), and certain of A.O. Smith’s directors and officers, asserting violations of Sections 10(b) and 20(a) of the Securities Exchange Act.
The complaint alleges that during the class period, Defendants failed to disclose that the Company had used a distribution partner, Jiangsu UTP Supply Chain, to artificially inflate the Company’s sales and gross margins in the important Chinese market, and that as a result of this adverse information being withheld from the market, the price of the Company’s stock was artificially inflated during the class period.
This is a securities class action on behalf of all persons or entities that purchased or otherwise acquired A. O. Smith Corporation common stock between July 26, 2016 and May 16, 2019, both dates inclusive.
Current Status of Case:
Lead Plaintiff filed a consolidated complaint on May 28, 2019. On August 2, 2019 Plaintiff Bleier filed a notice of voluntary dismissal. The City of Birmingham Retirement and Relief System filed a new complaint on August 19, 2019 and an Amended Complaint on November 22, 2019 (2:19-cv-00198 (E.D. Wis.) Defendants filed a Motion to Dismiss the consolidated Complaint on January 24, 2020. On June 24, the Court issued an Order granting defendants' Motion to Dismiss. Plaintiff was given leave to amend the Complaint. On August 3, 2020. Judgment was entered in favor of the Defendants. This case has concluded.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jon Naji, Esq. (484) 270-1453; or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible..