NEW YORK, Sept. 9, 2016 /PRNewswire/ -- Pomerantz LLP
announces that a class action lawsuit has been filed against AECOM
("AECOM" or the "Company") (NYSE: ACM) and certain of its
officers. The class action, filed in United States District
Court, Central District of California, and docketed under 16-cv-06605, is
on behalf of a class consisting of all persons or entities who
purchased or otherwise acquired AECOM securities between
February 11, 2015 and August 15, 2016 both dates inclusive (the "Class
Period"). This class action seeks to recover damages against
Defendants for alleged violations of the federal securities laws
under the Securities Exchange Act of 1934 (the "Exchange
Act").
If you are a shareholder who purchased AECOM securities during
the Class Period, you have until October 31,
2016 to ask the Court to appoint you as Lead Plaintiff for
the class. A copy of the Complaint can be obtained at
www.pomerantzlaw.com. To discuss this action, contact
Robert S. Willoughby at
rswilloughby@pomlaw.com or 888.476.6529 (or 888.4-POMLAW), toll
free, ext. 9980. Those who inquire by e-mail are encouraged to
include their mailing address, telephone number, and number of
shares purchased.
[Click here to join this class action]
AECOM together with its subsidiaries, engages in designing,
building, financing, and operating infrastructure assets worldwide.
The Company operates through three segments: Design and Consulting
Services (DCS), Construction Services (CS), and Management Services
(MS). The DCS segment provides planning, consulting,
architectural and engineering design, program management, and
construction management services for industrial, commercial,
institutional, and government clients, such as transportation,
facilities, environmental, and energy/power markets. The CS segment
offers building construction and energy, as well as infrastructure
and industrial construction services. The MS segment provides
program and facilities management and maintenance, training,
logistics, consulting, technical assistance, and systems
integration and information technology services primarily for
agencies of the U.S. government and other national governments.
On October 17, 2014, AECOM
announced that the Company had finalized its acquisition of URS
Corp. ("URS" and the "URS Acquisition").
The Complaint alleges that throughout the Class Period,
Defendants made materially false and misleading statements
regarding the Company's business, operational and compliance
policies. Specifically, Defendants made false and/or misleading
statements and/or failed to disclose that: (i) AECOM engaged in
fraudulent and deceptive business practices (ii) AECOM lacked
effective internal controls over financial reporting; (iii) AECOM
overstated the benefits of the URS Acquisition; (iv) AECOM
overstated the Company's free cash flow per share; and (v) as a
result of the foregoing, AECOM's public statements were materially
false and misleading at all relevant times.
On August 16, 2016, Spruce Point
Capital Management published a report on AECOM (the "Spruce Point
Report"), stating that "after a careful forensic financial and
accounting analysis of AECOM's recent financial results and
condition, we believe that AECOM's stock is worth approximately 33%
- 45% less than its current price." Among other issues, the
Spruce Point Report cited AECOM management's "misaligned incentive
structure," pursuant to which the Company's "CEO's $18 million compensation in 2015 [was] heavily
tied to its aggressive interpretation of its Free Cash Flow per
share," and asserted that the Company had misrepresented the costs
and benefits of the URS Acquisition.
On this news, AECOM stock fell $1.65, or 4.7%, to close at $33.44 on August 16,
2016, damaging investors.
The Pomerantz Firm, with offices in New York, Chicago, Florida, and Los
Angeles, 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
CONTACT:
Robert S. Willoughby
Pomerantz LLP
rswilloughby@pomlaw.com
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SOURCE Pomerantz LLP