Company: Apogee Enterprises, Inc.
Class Period: June 28, 2018 — September 17, 2018
Court: U.S.D.C. - District of Minnesota
Deadline: January 4, 2019
Kaskela Law LLC announces that a class action lawsuit has been filed against Apogee Enterprises, Inc. (NASDAQ: APOG) (“Apogee” or the “Company”) on behalf of investors who purchased the Company’s common stock between June 28, 2018 and September 17, 2018, inclusive (the “Class Period”).
On September 18, 2018, Apogee reported disappointing quarterly financial and operational results, including operating income for the Company’s glass segment of just $1.7 million (as compared to operating income of $10.3 million in the previous year’s quarter), and reduced its financial guidance for the fiscal year. Following this news, shares of the Company’s stock declined $5.74 per share, or nearly 12%, to close on September 18, 2018 at $42.48 per share.
The class action complaint alleges that defendants made materially false and misleading statements during the Class Period, and failed to disclose to investors that: (i) Apogee lacked the required labor force in place to ramp-up its production; (ii) Apogee was unable to hire, train and retain new employees; (iii) Apogee’s productivity and margins would be negatively impacted; and (iv) as a result of the foregoing, defendants’ statements about the Company’ business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. The complaint further alleges that investors purchased Apogee’s common stock at artificially inflated prices during the Class Period and suffered investment losses as a result of defendants’ conduct.
IMPORTANT DEADLINE: Investors who purchased Apogee’s common stock during the Class Period may, no later than January 4, 2019, seek to be appointed as a lead plaintiff representative of the investor class.
Investors who purchased the Company’s common stock during the Class Period and suffered a financial loss in excess of $50,000 are encouraged to contact Kaskela Law LLC at (888) 715 – 1740 and/or complete the information form on this page for additional information about this action and their legal rights and option.