SAN FRANCISCO, Feb. 26, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed against Atkore Inc. (NYSE: ATKR), a prominent manufacturer of electrical products, which include metal electrical conduit and fittings, plastic pipe conduit and fittings, electrical cable and flexible conduit, and international cable management systems. The suit, captioned Westchester Putnam Counties Heavy & Highway Laborers Local 60 Benefits Fund v. Atkore Inc., et al., No. 1:25-cv-01851 (N.D. Ill.), represents investors who purchased or acquired Atkore common stock between February 1, 2024 and February 3, 2025.
Hagens Berman is investigating the alleged claims and urges investors who purchased Atkore shares and suffered substantial losses to submit your losses now.
Class Period: Feb. 1, 2024 – Feb. 3, 2025
Lead Plaintiff Deadline: Apr. 23, 2025
Visit: www.hbsslaw.com/investor-fraud/atkr
Contact the Firm Now: ATKR@hbsslaw.com | 844-916-0895
Atkore Inc. (ATKR) Securities Class Action:
In the recent past, Atkore has said that “[t]he principle markets that we serve are highly competitive[]” and that its internal control over financial reporting has been sufficient to “provide reasonable assurance regarding the preparation of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles[.]”
The company has recently downplayed accusations of having engaged in anticompetitive misconduct related to its PVC water pipe and PVC conduit pricing since approximately 2021, related to pricing of PVC pipes sold in the United States and, more specifically, downplayed that “PVC pipe manufacturers improperly shared otherwise confidential information through their contribution of information through their contribution of information to; and readership of, a weekly report called ‘PVC & Pipe Weekly’ published by […] Oil Pipe Information Service, LLP (‘OPIS’).” While the company has maintained that “there are defenses, both factual and legal” the complaint in the suit alleges otherwise.
The complaint alleges that Atkore made false and misleading statements, while failing to disclose crucial information. Specifically, the suit contends that Atkore: (1) engaged in an anticompetitive price-fixing scheme that artificially inflated the price of its PVC pipes; (2) reaped significant, unsustainable financial benefits from its anticompetitive conduct; (3) as the price-fixing scheme was exposed, it and its 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; and (4) its business and operations were negatively impacted.
Investors began to learn the truth on July 24, 2024, when the short seller firm ManBear published a report accusing Atkore and three other PVC pipe manufacturers of using the commodity pricing service OPIS to coordinate pricing actions, thereby fixing PVC pipe prices and “result[ing] in massively inflated” PVC pipe prices that “defy economic logic.” In response, CEO William E. Waltz said shortly afterward that “I’m going to claim that report is unsubstantiated from the conclusions it tries to make.”
Then, on February 4, 2025, Atkore announced dismal Q1 2025 financial results, including net sales that missed analysts’ estimates by a wide margin, and slashed its adjusted EPS and EBITDA guidance for the remainder of 2025. The company blamed the poor performance and guidance reduction on the poor performance by its PVC business. Following the company’s announcement, analysts factored in their models that the company was and would continue to have to reduce PVC pipe prices to be competitive after COVID-related supply chain pressures eased.
The market reacted swiftly that day, sending the price of Atkore shares down $15.59 (-20%) and wiping out almost $525 million of shareholder value.
“We are concerned that Atkore may have misled investors about how it and its potential co-conspirators may have rigged their PVC pipe market and, thereby, artificially inflated their revenues during the class period” said Reed Kathrein, the Hagens Berman Partner leading the firm's probe.
If you invested in Atkore and have substantial losses, or have knowledge that may assist the firm’s investigation, submit your losses now.
If you’d like more information and answers to frequently asked questions about the Atkore case and our investigation, read more.
Whistleblowers: Persons with non-public information regarding Atkore should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email ATKR@hbsslaw.com.
About Hagens Berman
Hagens Berman is a global plaintiffs’ rights complex litigation firm focusing on corporate accountability. The firm is home to a robust practice and represents investors as well as whistleblowers, workers, consumers and others in cases achieving real results for those harmed by corporate negligence and other wrongdoings. Hagens Berman’s team has secured more than $2.9 billion in this area of law. More about the firm and its successes can be found at hbsslaw.com. Follow the firm for updates and news at @ClassActionLaw.
Contact:
Reed Kathrein, 844-916-0895
