A securities class action has been filed against Atkore Inc. (ATKR) on behalf of all persons and entities thatpurchased Atkore common stock between February 1, 2024 through February 3, 2025. This case has been filed in the USDC – NDIL.
Atkore purports to be a leading manufacturer of electrical, safety, and infrastructure products. Among other products, the Company manufactures polyvinyl chloride (“PVC”) water pipes and electrical conduit pipes (together, “PVC Pipes”). PVC is a widely used synthetic plastic polymer.
During the COVID-19 pandemic, shipping costs skyrocketed. As a result, foreign PVC Pipe manufacturers found themselves unable to profitably sell PVC Pipes in the United States. Atkore and other U.S.-based PVC Pipe manufacturers took advantage of the absence of foreign competition, exchanging confidential and competitively sensitive data in order to artificially inflate PVC Pipe pricing.
The claim alleges that during the Class Period, Defendants materially misled the investing public, thereby inflating the price of the Company’s common stock, by publicly issuing false and/or misleading statements and/or omitting to disclose material facts necessary to make Defendants’ statements, not false and/or misleading. The statements and omissions were materially false and/or misleading because they failed to disclose material adverse information and/or misrepresented the truth about Atkore’s business, operations, and prospects as alleged herein. These material misstatements and/or omissions had the cause and effect of creating in the market an unrealistically positive assessment of the Company and its business, thus causing the Company’s common stock to be overvalued and artificially inflated or maintained at all relevant times. Defendants’ materially false and/or misleading statements directly or proximately caused or were a substantial contributing cause of the damages sustained by Plaintiff and other members of the Class who purchased the Company’s common stock at artificially inflated prices and were harmed when the truth was revealed.