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BOSTON, May 17, 2019 (GLOBE NEWSWIRE) -- Block & Leviton LLP (www.blockesq.com), a national securities litigation firm, is investigating whether A.O. Smith Corporation (NYSE: AOS) and certain of its officers and directors violated federal securities laws.
On May 16th, 2019, J Capital published a report alleging that A.O. Smith uses an undisclosed partner, identified by the report as Jiangsu UTP Supply Chain (“Jiangsu”), to stuff inventory and inflate gross margins. J Capital’s report also questions whether A.O. Smith really has access to the $539 million in cash it claims it holds in China, which is about 84% of the company's total cash on hand.
On this news, A.O. Smith’s stock price fell $3.02 per share, or 6.27%, to close at $44.27 per share on May 16, 2019.
Block & Leviton is investigating these allegations in order to file a class action complaint. If you have purchased or otherwise acquired A.O. Smith securities and have questions about your legal rights, or possess information relevant to this investigation, you may be entitled to compensation and are encouraged to contact attorney Dan DeMaria at (888) 868-2385, by email at firstname.lastname@example.org, or by visiting https://shareholder.law/aos.
Block & Leviton LLP was recently ranked 4th among securities litigation firms by ISS for recoveries in 2017. The firm represents many of the nation's largest institutional investors and numerous individual investors in securities litigation throughout the country. Indeed, its lawyers have recovered billions of dollars for its clients.
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SOURCE Block & Leviton LLP