(NYSE:ATKR),
NEW YORK, Feb. 26, 2025 (GLOBE NEWSWIRE) — Leading securities law firm Bleichmar Fonti & Auld LLP announces that a lawsuit has been filed against Atkore Inc. (NYSE: ATKR) and certain of the Company's senior executives for potential violations of the federal securities laws.
If you invested in Atkore, you are encouraged to obtain additional information by visiting https://www.bfalaw.com/cases-investigations/atkore-inc.
Investors have until April 23, 2025, to ask the Court to be appointed to lead the case. The complaint asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 on behalf of investors who purchased Atkore stock. The case is pending in the U.S. District Court for the Northern District of Illinois and is captioned Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Atkore Inc., et al., No. 25-cv-01851.
Why was Atkore Sued for Securities Fraud?
Atkore manufactures electrical, safety, and infrastructure products including polyvinyl chloride water and electrical conduit pipes (“PVC Pipe”). During the COVID-19 pandemic, shipping costs rose dramatically, leaving foreign PVC Pipe manufacturers unable to profitably sell PVC Pipe in the U.S. As shipping prices returned to normal levels when the pandemic subsided in 2022, foreign PVC Pipe manufacturers gradually returned to the U.S. market. Shortly thereafter, in late 2022, the price of PVC Pipe began to decline.
As alleged, Atkore repeatedly misrepresented that post-pandemic PVC Pipe price declines were the result of “pricing normalization” that reflected “competitive dynamics” and assured investors that the Company would continue to successfully compete in the post-COVID-19 market.
In truth, it is alleged that Atkore engaged in an anticompetitive price-fixing scheme that artificially inflated the price of PVC Pipes.
The Stock Declines as the Truth is Revealed
On July 24, 2024, an activist investor named ManBear published a report titled “Pipe Price Fixing” which accused Atkore and three of its competitors of using the commodity pricing service OPIS to coordinate pricing actions and fix the price of PVC Pipe.
On February 4, 2025, Atkore announced disappointing earnings and reduced guidance, disclosing that the “plastic pipe and conduit product category declined mid-single digits during the quarter” compared to “high single digits in the prior year,” and largely attributed the guidance reduction to Atkore's PVC Pipe business, stating, “roughly $75 million or 3/4 [of the guidance reduction] is on the PVC side.” This news caused the price of Atkore stock to decline nearly 20%, from $79.72 per share on February 3, 2025 to $64.13 per share on February 4, 2025.
On February 14, 2025, Atkore disclosed that it received a grand jury subpoena from the U.S. Department of Justice Antitrust Division seeking the “production of documents relating to the pricing of the Company's PVC pipe and conduit products.”
Click here if you suffered losses: https://www.bfalaw.com/cases-investigations/atkore-inc.
What Can You Do?
If you invested in Atkore you may have legal options and are encouraged to submit your information to the firm.
All representation is on a contingency fee basis, there is no cost to you. Shareholders are not responsible for any court costs or expenses of litigation. The firm will seek court approval for any potential fees and expenses.
Submit your information by visiting:
https://www.bfalaw.com/cases-investigations/atkore-inc
Or contact:
Ross Shikowitz
ross@bfalaw.com
212-789-3619
Why Bleichmar Fonti & Auld LLP?
Bleichmar Fonti & Auld LLP is a leading international law firm representing plaintiffs in securities class actions and shareholder litigation. It was named among the Top 5 plaintiff law firms by ISS SCAS in 2023 and its attorneys have been named Titans of the Plaintiffs' Bar by Law360 and SuperLawyers by Thompson Reuters. Among its recent notable successes, BFA recovered over $900 million in value from Tesla, Inc.'s Board of Directors, as well as $420 million from Teva Pharmaceutical Ind. Ltd.
For more information about BFA and its attorneys, please visit https://www.bfalaw.com.
https://www.bfalaw.com/cases-investigations/atkore-inc
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