WILMINGTON, Del., Sept. 15, 2016 -- Rigrodsky & Long, P.A.:
- Do you, or did you, own shares of AECOM (NYSE:ACM)?
- Did you purchase your shares between February 11, 2015 and August 15, 2016, inclusive?
- Did you lose money in your investment?
Rigrodsky & Long, P.A. announces that a complaint has been filed in the United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of AECOM (“AECOM” or the “Company”) (NYSE:ACM) between February 11, 2015 and August 15, 2016, inclusive (the “Class Period”), alleging violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).
If you purchased shares of AECOM during the Class Period, or purchased shares prior to the Class Period and still hold AECOM, and wish to discuss this action or have any questions concerning this notice or your rights or interests, please contact Timothy J. MacFall, Esquire or Peter Allocco of Rigrodsky & Long, P.A., 2 Righter Parkway, Suite 120, Wilmington, DE 19803 at (888) 969-4242; by e-mail to [email protected]; or at: http://rigrodskylong.com/investigations/aecom-acm.
The Complaint alleges that throughout the Class Period, defendants made materially false and misleading statements, and omitted materially adverse facts, about the Company’s business, operations and prospects. Specifically, the Complaint alleges that the defendants concealed from the investing public that: (1) AECOM engaged in fraudulent and deceptive business practices (2) AECOM lacked effective internal controls over financial reporting; (3) AECOM overstated the benefits of the URS Corp. acquisition (“URS” and the “URS Acquisition”); (4) AECOM overstated the Company’s free cash flow (“FCF”) per share; and (5) as a result of the foregoing, AECOM’s public statements were materially false and misleading at all relevant times. As a result of defendants’ alleged false and misleading statements, the Company’s stock traded at artificially inflated prices during the Class Period.
According to the Complaint, on August 16, 2016, Spruce Point Capital Management (“Spruce Point”) 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, shares of AECOM dropped over 4%, closing at $33.44 per share on August 16, 2016, on heavy trading volume.
If you wish to serve as lead plaintiff, you must move the Court no later than October 31, 2016. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Any member of the proposed class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
Attorney advertising. Prior results do not guarantee a similar outcome.
CONTACT: Rigrodsky & Long, P.A. Timothy J. MacFall, Esquire Peter Allocco (888) 969-4242 (516) 683-3516 Fax: (302) 654-7530 [email protected] http://www.rigrodskylong.com