LOS ANGELES, July 01, 2019 (GLOBE NEWSWIRE) -- The Schall Law Firm, a national shareholder rights litigation firm, announces the filing of a class action lawsuit against A.O. Smith Corporation (“A.O. Smith” or “the Company”) (NYSE: AOS) for violations of §§10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by the U.S. Securities and Exchange Commission.
Investors who purchased the Company's shares between July 26, 2016 and May 16, 2019, inclusive (the ''Class Period''), are encouraged to contact the firm before July 29, 2019.
If you are a shareholder who suffered a loss, click here to participate.
We also encourage you to contact Brian Schall of the Schall Law Firm, 1880 Century Park East, Suite 404, Los Angeles, CA 90067, at 424-303-1964, to discuss your rights free of charge. You can also reach us through the firm's website at www.schallfirm.com, or by email at brian@schallfirm.com.
The class, in this case, has not yet been certified, and until certification occurs, you are not represented by an attorney. If you choose to take no action, you can remain an absent class member.
According to the Complaint, the Company made false and misleading statements to the market. A.O. Smith maintained undisclosed connections with Jiangsu UTP Supply Chain (“UTP”). The Company completed 75% of its China product sales through UTP. A.O. Smith and UTP conspired to engage in channel stuffing by inflating inventories to about double their normal levels. The Company used the UTP relationship in inflate sales by as much as 8% and to conceal worsening sales in China. The Company increased its China cash reserves by $530 million to engage in its channel stuffing and sales manipulation scheme. Based on these facts, the Company’s public statements were false and materially misleading throughout the class period. When the market learned the truth about A.O. Smith, investors suffered damages.
Join the case to recover your losses.
The Schall Law Firm represents investors around the world and specializes in securities class action lawsuits and shareholder rights litigation.
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CONTACT:
The Schall Law Firm
Brian Schall, Esq.,
www.schallfirm.com
Office: 310-301-3335
Cell: 424-303-1964
info@schallfirm.com
SOURCE:
The Schall Law Firm