NEW YORK, Dec. 4, 2018 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP ( www.kaplanfox.com ) is investigating claims on behalf of investors of Evoqua Water Technologies Corp. ("Evoqua" or the "Company") (NYSE: AQUA). Investors who purchased Evoqua securities between November 6, 2017 and October 30, 2018 (the "Class Period") may be affected. A complaint has been filed in the United States District Court for the Southern District of New York against Evoqua, the Company's CEO, and its CFO on behalf of investors of Evoqua securities during the Class Period.
According to the complaint, Evoqua purports to be a leading provider of mission critical water treatment solutions, offering services, systems and technologies to support its customers' full water lifecycle needs.
The Class Period commences on November 6, 2017, the date of Evoqua's Initial Public Offering ("IPO"). In the IPO prospectus, filed with the Securities and Exchange Commission on November 2, 2017 and part of its IPO registration statement, Evoqua stated "we have. . . successfully completed eight technology-enhancing and geography-expanding acquisitions since April 2016. . . ." One of the eight acquisitions was the acquisition of Neptune-Benson completed on April 15, 2016 for $283.7 million. In connection with the Neptune-Benson acquisition, Evoqua created its Aquatics and Disinfection division, which the Company subsequently merged into its Products Segment.
According to the complaint, on October 30, 2018, Evoqua announced disappointing preliminary financial results for the fourth quarter and fiscal year ended September 30, 2018. Evoqua attributed the shortfalls primarily to "acquisition system integration issues, supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project."
Following the October 30, 2018 disclosures, Evoqua's stock price fell $4.78 per share, or nearly 35%, to close at $9.02 per share on October 30, 3018.
Additionally, post-class period on November 27, 2018, Evoqua issued a press release, stating that in the fourth quarter of the fiscal year ended September 30, 2018, "[w]e experienced challenges primarily in the Product Segment's Aquatics business and Municipal segment. . . ."
According to the complaint, throughout the Class Period, the defendants made false and misleading statements and/or failed to disclose that (1) Evoqua failed to successfully integrate its prior acquisitions; (2) Evoqua was experiencing supply chain disruptions influenced by tariffs and an extended delay on a large aquatics project; and (3) as a result of the foregoing, Evoqua's public statements were materially false and misleading at all relevant times.
If you are a member of the proposed Class, you may move the court no later than January 7, 2019 to serve as a lead plaintiff for the purported class. You need not seek to become a lead plaintiff in order to share in any possible recovery. If you would like to discuss the complaint or our investigation, please contact us by emailing firstname.lastname@example.org or by calling 800-290-1952.
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Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about this Notice, the action, your rights, or your interests, please contact:
Donald R. Hall KAPLAN FOX & KILSHEIMER LLP 850 Third Avenue, 14th Floor New York, New York 10022 (800) 290-1952 (212) 687-1980 Fax: (212) 687-7714 E-mail: email@example.com
Laurence D. King KAPLAN FOX & KILSHEIMER LLP 350 Sansome Street, Suite 400 San Francisco, California 94104 (415) 772-4700 Fax: (415) 772-4707 E-mail: firstname.lastname@example.org
SOURCE Kaplan Fox & Kilsheimer LLP