Lead Plaintiff Deadline is April 23, 2025
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NEW YORK and CHICAGO, March 03, 2025 (GLOBE NEWSWIRE) — Wolf Haldenstein Adler Freeman & Herz LLP (“Wolf Haldenstein”) announces that a securities class action lawsuit has been filed in the United States District Court for the Northern District of Illinois on behalf of purchasers of Atkore Inc. (“Atkore”) (NYSE:ATKR) between February 1, 2024, and February 3, 2025, inclusive (the “Class Period”).
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All investors who purchased shares and incurred losses are advised to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action or join the case on our website, www.whafh.com.
If you have incurred losses, you may, no later than April 23, 2025, request that the Court appoint you as the lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.
The filed complaint alleges that, throughout the Class Period, Defendants made false and misleading statements and/or failed to disclose that: (1) Atkore engaged in an anticompetitive price-fixing scheme that artificially inflated the price of PVC pipes (both water pipes and electrical conduit pipes); (2) in turn, Atkore reaped significant, unsustainable financial benefits from its anticompetitive conduct; (3) as Atkore’s price-fixing scheme was exposed, Atkore and its price fixing co-conspirators were no longer able to artificially inflate the price of PVC pipes, resulting in a substantial decrease in the price of PVC pipes; (4) Atkore’s business and operations were negatively impacted; and (5) as a result of the foregoing, Defendants’ positive statements about Atkore’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
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.”
Wolf Haldenstein has experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas, and offices in New York, Chicago, Nashville and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been recognized by the courts, which have appointed it to major positions in complex securities, multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
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