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 - EconoTimes)
NEW YORK, Sept. 06, 2016 -- Gainey McKenna & Egleston announces that a class action lawsuit has been filed against AECOM (“AECOM” or the “Company”) (NYSE:ACM) in the United States District Court for the Central District of California on behalf of purchasers of common stock of AECOM between February 11, 2015 and August 15, 2016, inclusive (the “Class Period”), seeking to pursue remedies under the Securities Exchange Act of 1934 (the “Exchange Act”).
According to the Complaint, Defendants made false and/or misleading statements 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.
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. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Thomas J. McKenna, Esq. or Gregory M. Egleston, Esq. of Gainey McKenna & Egleston at (212) 983-1300, or via e-mail at [email protected] or [email protected].
Please visit our website at http://www.gme-law.com for more information about the firm.
