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SAN FRANCISCO, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP reminds investors in A.O. Smith Corporation (NYSE: AOS) of the October 18, 2019 Lead Plaintiff deadline in the securities class action, City of Birmingham Retirement and Relief System v. A.O. Smith Corporation et al., No. 2:19-cv-01198, pending in the U.S. District Court for the Eastern District of Wisconsin.
If you invested in A.O. Smith between July 26, 2016 and May 16, 2019 (the “Class Period”) and suffered in excess of $200,000 in losses you may qualify to be a lead plaintiff – one who selects and oversees the attorneys prosecuting the case.
If you wish to serve as a lead plaintiff in this class action, you must move the Court no later than October 18, 2019. Contact Hagens Berman immediately for more information about the case and being a lead plaintiff.
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing
According to the Complaint, Defendants misled investors by concealing A.O. Smith’s use of a distribution partner (Jiangsu UTP Supply Chain, or “UTP”) to (1) artificially inflate the Company’s sales and gross margins in the Chinese market, and (2) mask its actual China revenue and earnings slowdown through distributor-financed channel stuffing.
The truth began to emerge on April 30, 2019, when A.O. Smith disclosed disappointing financial results for its China operations and quarterly earnings for the segment fell more than 65% year-over-year.
Then, on May 16, 2019, J Capital Research USA LLC issued a scathing report on the Company’s China operations and undisclosed UTP relationship. The report estimated that “UTP may be responsible for as much as 75% of AOS China sales.”
This news drove the price of A.O. Smith shares sharply lower again.
“We’re focused on investors’ losses and whether A.O. Smith misled investors concerning UTP,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding A.O. Smith should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email AOS@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000