SAN FRANCISCO, CA / ACCESS Newswire / April 17, 2025 / National plaintiffs law firm Lieff Cabraser Heimann & Bernstein, LLP encourages investors in Atkore Inc. ("Atkore" or the "Company") (NYSE:ATKR) who purchased Atkore common stock between August 2, 2022, and February 3, 2025, inclusive (the "Class Period") to contact us immediately regarding a pending securities class action against Atkore. The deadline to apply to be lead plaintiff is April 23, 2025.

Class Period: August 2, 2022 - February 3, 2025

Lead Plaintiff Motion Deadline: April 23, 2025

Case information: https://lieffcabraser.com/securities/atkore/

Contact us: Email or text investorinfo@lchb.com or call 1-800-541-7358

Atkore, headquartered in Harvey, Illinois, is a manufacturer of electrical, safety, and infrastructure products, including polyvinyl chloride ("PVC") water pipes and electrical conduit pipes.

The action alleges that, throughout the Class Period, Atkore and certain of its senior executives failed to disclose to investors that: (1) the Company was engaged in an anticompetitive price-fixing scheme that kept the price of its PVC pipes artificially inflated even after COVID era supply chain issues had resolved; (2) Atkore received substantial, unsustainable financial benefits from its anticompetitive actions; and (3) the Company's poor quarterly financial results were due to it and its co-conspirators refusing to lower their artificially inflated prices even after foreign competitors were able to reenter the market and price PVC appropriately.

On May 7, 2024, Atkore announced lowered guidance for fiscal year 2024, noting that "pricing environment could be challenged in the second half of 2024." On this news, Atkore's stock price fell 12.5% from its closing price of $176.40 per share on May 6, 2024, to close at $154.34 per share on May 7, 2024, on heavy trading volume.

On July 23, 2024, after the market closed, Atkore announced that its Vice President, then-CFO, and Chief Accounting Officer, defendant David P. Johnson, had submitted his resignation, effective August 9, 2024.

On July 24, 2024, asset management firm ManBear released a report claiming that Atkore was engaged in an industry-wide price fixing scheme which had "massively inflated pipe prices" and "appear[ed] to defy economic logic, remaining at extremely elevated levels despite normalized supply chains." On this news, Atkore's stock price declined 8.53% from its closing price of $145 per share on July 23, 2024, to close at $132.63 per share on July 24, 2024.

On August 6, 2024, after the market closed, Atkore reported adjusted earnings per share that fell short of the average analyst estimate and lowered its outlook for fiscal year 2024 adjusted EBITDA and adjusted net income per diluted share. In the corresponding earnings call, Atkore's President, CEO, and Director, defendant William E. Waltz Jr., stated that "[p]ricing was softer than expected due to the slower end markets, particularly for our PVC conduit business." On this news, Atkore's stock price fell 14.7% from its closing price of $118.46 on August 5, 2024, to close at $101.05 per share on August 7, 2024, on extremely heavy trading volume.

On February 4, 2025, before the market opened, Atkore announced disappointing financial results for the first quarter of fiscal year 2025, reporting net sales of $661.6 million which was significantly below analysts' estimates. In addition, Atkore reduced its earnings guidance for 2025. During the Company's earnings conference call with analysts and investors later that day, Atkore CFO, defendant John M. Deitzer, revealed that Atkore's "plastic pipe and conduit product category declined mid-single digits during the quarter," and attributed the Company's lowered 2025 guidance to Atkore's PVC business, stating "roughly $75 million or 3/4 of that is on the PVC side." On this news, the price of Atkore common stock fell 19.56% from its closing price of $79.72 per share on February 3, 2025, to close at $64.13 per share on February 4, 2025, on extremely heavy trading volume.

About Lieff Cabraser

Lieff Cabraser Heimann & Bernstein, LLP, with over 125 attorneys in offices in San Francisco, New York, Nashville, and Munich, Germany, is an internationally-recognized law firm committed to advancing the rights of investors and promoting corporate responsibility. Repeatedly recognized as a "Plaintiffs' Powerhouse" by Law360, Lieff Cabraser has litigated some of the most important civil cases in the United States, and has assisted clients in recovering over $129 billion in verdicts and settlements. For over 50 years, Lieff Cabraser has remained committed to ensuring access to justice for all.

Source/Contact

Sharon Lee
Lieff Cabraser Heimann & Bernstein, LLP
415 956-1000
slee@lchb.com

SOURCE: Lieff Cabraser Heimann & Bernstein

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