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Aecom (NYSE:ACM) Investor Securities Class Action Lawsuit 09/01/2016

  • If you purchased shares of Aecom (NYSE:ACM), you may have certain options. Please contact the Shareholders Foundation, Inc.

  • To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.

Lawsuit Overview

Company
Aecom
Security
NYSE: ACM

Case Name
Aecom Shareholder Class Action Lawsuit 09/01/2016
Type of Lawsuit
Shareholder Class Action
Court of Filing
U.S. District Court for the Central District of California

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Class Period End
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Summary

June 30, 2017 - The case was voluntarily dismissed.

June 19, 2017 - The court granted a motion for dismissal.

March 6, 2017 - An amended complaint was filed.

September 1, 2016 (Shareholders Foundation) - An investor in shares of Aecom (NYSE:ACM) filed a lawsuit in the U.S. District Court for the Central District of California over alleged violations of Federal Securities Laws by Aecom in connection with certain allegedly false and misleading statements made between February 11, 2015 and August 15, 2016.

On October 17, 2014, AECOM announced that the Company had finalized its acquisition of URS Corp. (“URS” and the “URS Acquisition”).

According to the complaint the plaintiff alleges on behalf of purchasers of Aecom (NYSE:ACM) common shares between February 11, 2015 and August 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 11, 2015 and August 15, 2016 Defendants made false and/or misleading statements and/or failed to disclose that AECOM engaged in fraudulent and deceptive business practices, that AECOM lacked effective internal controls over financial reporting, that AECOM overstated the benefits of the URS Acquisition, that AECOM overstated the Company’s free cash flow per share, and that as a result of the foregoing, AECOM’s public statements were materially false and misleading at all relevant times.

Aecom reported that its Total Revenue rose from over $8.35 billion for the 12 months period that ended on Sept. 30, 2014 to over $17.98 billion for the 12 months period that ended on Sept. 30, 2015 and that its Net Inceom of $229.85 million for the 12 months period that ended on Sept. 30, 2014 declined to a Net Loss of $154.84 million for the 12 months period that ended on Sept. 30, 2015.

On August 16, 2016, an article was published about AECOM stating, “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.” The Report also noted that there are “material weaknesses of internal controls over financial reporting associated with [the Company’s] acquisition of URS [Corp.]” and 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.”