NEW YORK, Feb. 24, 2025 (GLOBE NEWSWIRE) — Gainey McKenna & Egleston 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 all persons or entities who purchased or otherwise acquired Atkore Inc. (“Atkore” or the “Company”) (NYSE: ATKR) securities between February 1, 2024 and February 3, 2025, inclusive (the “Class Period”).
The Complaint alleges that Defendants failed to disclose that: (i) Atkore engaged in an anticompetitive price-fixing scheme that artificially inflated the price of PVC Pipes; (ii) in turn, Atkore reaped significant, unsustainable financial benefits from its anticompetitive conduct; (iii) as Atkore’s price-fixing scheme was exposed, the Company 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; (iv) Atkore’s business and operations were negatively impacted; and (v) as a result of the above, Defendants’ positive statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
The truth emerged before markets opened on February 4, 2025, when Atkore announced its financial results for the first quarter of fiscal year 2025, reporting net sales of $661.6 million—below analysts’ estimates of $680.7 million. Additionally, Atkore significantly reduced its adjusted earnings per share (EPS) and adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) guidance for the rest of fiscal year 2025. During the corresponding earnings call that same day, CFO Deitzer disclosed that Atkore’s “plastic pipe and conduit product category declined mid-single digits during the quarter[,]” compared to “high single digits in the prior year.” CFO Deitzer also attributed the guidance reduction to the forthcoming poor performance of Atkore’s PVC business, stating, “I’d say roughly $75 million or 3/4 of that is on the PVC side.” On this news, the price of Atkore common stock fell $15.59 per share, or nearly 20%, from a closing price of $79.72 per share on February 3, 2025, to a closing price of $64.13 per share on February 4, 2025.
Investors who purchased or otherwise acquired shares of Atkore should contact the Firm prior to the April 23, 2025 lead plaintiff motion deadline. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
