Shareholder rights law firm Robbins Arroyo LLP announces that an investor of Evoqua Water Technologies Corp. (NYSE: AQUA) has filed a shareholder derivative complaint against the company’s officers and directors for breaches of fiduciary duties between November 6, 2017 and October 30, 2018. Evoqua provides a range of water and wastewater treatment systems and technologies, and mobile and emergency water supply solutions and services.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/evoqua-water-technologies-corp-apr-19/
Evoqua’s Officers and Directors Accused of Misleading Investors About Company’s Business Prospects
According to the complaint, Evoqua’s initial public offering (“IPO”) documents touted the company had an experienced management team, emphasizing that it had expanded the company’s operations to new target markets and had shown “successful acquisition and integration capabilities.” The documents further noted the company’s long-term growth potential. On March 12, 2018, when Evoqua filed another registration statement in connection with a new offering, it again touted its “[e]xperienced management team,” which had “proven operational capabilities.”
On October 30, 2018, Evoqua announced that its preliminary financial results for the fourth quarter and fiscal year ended September 30, 2018, fell below the company’s expectations. Evoqua attributed the disappointing results to acquisition system integration issues and supply chain disruptions influenced by tariffs, which had not previously been disclosed. On this news, Evoqua’s stock plummeted over 34% to close at $9.02 per share on October 30, 2018. Evoqua stock continues to trade significantly below its IPO price of $18.00.
Evoqua Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leonid Kandinov at (800) 350-6003, [email protected], or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested. Sign up for our FREE portfolio monitoring service, Stock Watch.
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