SAN DIEGO, March 26, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities that purchased or otherwise acquired Atkore, Inc. (NYSE: ATKR) (“Atkore” or the “Company”) common stock between February 1, 2024 and February 3, 2025 (the “Class Period”), charging the Company and certain current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).
Atkore investors have until April 23, 2025 to seek appointment as lead plaintiff of the Atkore class action lawsuit.
If you purchased or acquired Atkore common stock between February 1, 2024 and February 3, 2025, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/atkore/.
You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com. Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.
No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice.
Case Allegations
Atkore is a leading manufacturer of electrical, safety, and infrastructure products, including polyvinyl chloride (“PVC”) water pipes and electrical conduit pipes. During the COVID-19 pandemic, shipping costs skyrocketed. As a result, foreign PVC pipe manufacturers were unable to profitably sell PVC pipes in the United States.
The Atkore lawsuit alleges that Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) Atkore engaged in an anticompetitive price-fixing scheme with other U.S.-based PVC pipe manufacturers to artificially inflate the price of PVC pipes; (2) Atkore gained significant, unsustainable financial benefits from such conduct; (3) when the anticompetitive price-fixing scheme was exposed, Atkore and its co-conspirators could no longer artificially inflate the price of PVC pipes, resulting in a dramatic decline in PVC pipe pricing; and (4) Atkore’s business and operations were negatively impacted.
On July 24, 2024, the short seller firm ManBear published a report titled “PipePrice Fixing” (the “Report”), in which it stated Atkore’s “apparent price fixing has resulted in massively inflated pipe prices and converter margins.” In response, Defendants dismissed the Report’s allegations, stating “that report is unsubstantiated form the conclusions it tries to make.”
The truth emerged on February 4, 2025, when Atkore announced its financial results for the first quarter of fiscal year 2025, reporting net sales of $661.6 million – below analysts’ estimates of $680.7 million – and significantly reducing its guidance for the rest of fiscal year 2025. In the corresponding earnings call held on that same day, Defendants disclosed that Atkore’s “plastic pipe and conduit product category declined mid-single digits during the quarter,” and attributed the guidance reduction to Atkore’s PVC business performing poorly, stating, “roughly $75 million or 3/4 of that is on the PVC side.”
On this news, the price of Atkore’s common stock fell by $15.59 per share, or approximately 20%, to close at $64.13 per share on February 4, 2025.
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