Acuity execs Hid Market Share Decline From buyers, swimsuit Says

A worker solders connector circuits on an LED light comm board during an indication at the Lithonia lighting manufacturing facility, a subsidiary of Acuity manufacturers, in Crawfordsville, Indiana, U.S., on Thursday, Oct. 10, 2013.

Photographer Luke Sharrett/Bloomberg

Oct. 5, 2021, 8:fifty two PM

court docket: N.D. Ga.company data: Acuity brands, Inc. (Bloomberg legislation Subscription)track DOCKET: No. 21-cv-04067 (Bloomberg legislations Subscription)

Acuity manufacturers Inc.'s executives allegedly misled investors in regards to the lights expertise company's eroding market share and propped up share expenses whereas they bought more than $49 million in inventory holdings, a Michigan pension fund stated in a brand new lawsuit.

The Atlanta-primarily based enterprise's executives breached their fiduciary obligations by using hiding how greatly international electronics and lights providers had taken Acuity's market share, claimed the go well with, filed via the city of St. Clair Shores Police and hearth Retirement system and shareholder Stephen Davis Oct. 1 in the U.S. District courtroom for the Northern District of Georgia.

Its fiscal woes had been exacerbated when ...

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