We are investigating AZZ, Inc. (AZZ) (“AZZ” or the “Company”) for potential violations of the federal securities laws.
On May 17, 2019, post-market, AZZ disclosed a material weakness in its internal control over financial reporting related to preparation and review of revenue reconciliations after adopting a new revenue recognition standard. Then, on May 20, 2019, AZZ announced that it had replaced its independent auditor, BDO US, LLP, with Grant Thornton LLP. On this news, AZZ’s stock price fell $1.21 per share, or 2.66%, to close at $43.35 per share on May 20, 2019. Finally, on October 8, 2019, AZZ delayed its second quarter 202 financial results “to allow the Company additional time to complete the review of the Form 10-Q for its fiscal year 2020 second quarter ended August 31, 2019.” On this news, AZZ’s stock price fell $5.89 per share, or 13.69%, to close at $37.12 per share on October 8, 2019.