NEW YORK, June 20, 2019 /CNW/ -- Pomerantz LLP is investigating claims on behalf of investors of A. O. Smith Corporation ("A. O. Smith" or the "Company") (NYSE: AOS). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 9980.
The investigation concerns whether A. O. Smith Corporation and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On May 16, 2019, J Capital published a report addressing AOS, asserting that AOS "has handed its China business over to a Chinese company without disclosing this to investors." J Capital further alleged that AOS "[f]ailed to disclose the sharp decline under way in China, where sales will fall 16-21% this year", "[o]ver-reported sales and under-reported inventory since at least 2015", and "has major governance problems both inside and outside China." Following publication of the J Capital report, AOS's stock price fell $4.34, or 9.02%, to $43.75 during intraday trading on May 16, 2019.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com
Robert S. Willoughby
SOURCE Pomerantz LLP