Company: Evoqua Water Technology Corp.
A shareholder class action lawsuit has been filed against Evoqua Water Technology Corp. (NYSE: AQUA) (“Evoqua” or the “Company”) on behalf of purchasers of the Company’s common stock between November 6, 2017 and October 30, 2018, inclusive (the “Class Period”).
On October 30, 2018, Evoqua announced preliminary financial results for the fourth quarter and fiscal year ended September 30, 2018, which fell below the Company’s and analyst’s expectations. Therein, the Company disclosed that its financial shortfalls were “primarily due to acquisition system integration issues, supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project.” Following this news, shares of Evoqua’s common stock fell $4.78 per share, or over 34%, to close on October 25, 2018 at $9.02 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) Evoqua failed to successfully integrate its prior acquisitions; (ii) Evoqua was experiencing supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project; and (iii) as a result of the foregoing, Evoqua’s public statements were materially false and misleading at all relevant times. The complaint further alleges that investors purchased Evoqua’s common stock at artificially inflated prices during the Class Period and suffered investment losses as a result of the defendants’ conduct.
Evoqua stockholders who purchased shares of the Company’s stock prior to October 30, 2018 are encouraged to contact the firm to discuss their legal rights and potential recovery options.