The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Northern District of Illinois behalf of those who acquired Atkore Inc. (“Atkore” or the “Company”) (NYSE:ATKR) securities during the period from February 1, 2024, through February 3, 2025 (“the Class Period”). Investors have until April 23, 2025, to apply to the Court to be appointed as lead plaintiff in the lawsuit.
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On February 4, 2025, 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 EPS and adjusted earnings before interest, taxes, depreciation and EBITDA guidance for the rest of fiscal year 2025, which also missed analysts’ estimates. During the corresponding earnings call that same day, Atkore’s CFO, John 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.” During that same call, Deitzer attributed the guidance reduction to the forthcoming poor performance of Atkore’s PVC business stating, “I’d say roughly $75 million or ¾ of that is on the PVC side.” On this news, the price of Atkore shares declined by $15.59 per share, or approximately 19%, from $79.72 per share on February 3, 2025, to close at $64.13 on February 4, 2025.
The complaint alleges that defendants, throughout the Class Period, failed to disclose that: (1) Atkore engaged in an anticompetitive price-fixing scheme that artificially inflated the price of PVC Pipes; (2) in turn, Atkore reaped significant, unsustainable financial benefits from its anticompetitive conduct; and (3) 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.
If you purchased or otherwise acquired Atkore securities, have information, or would like to learn more about this investigation, please contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or fill out the contact form below, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
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Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
