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Retainer Agreement
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WMS shareholders have an opportunity to recover their investment losses.

Click "Join this Class Action" above.

Attorneys

Advanced Drainage Systems, Inc.

If you purchased common stock, or derivative securities convertible into, exercisable for, or exchangeable against Advanced Drainage Systems, Inc. ("WMS") common stock, from the period beginning on August 15, 2015, through March 31, 2016, you may have a compensable legal claim in connection with WMS’s alleged fraud.

For additional information concerning this potential legal claim, please sign up here or contact Phillip Kim or Noel Chandonnet, Jr. at 212-686-1060.

Press Release

In 2015, less than one year after the IPO of Advanced Drainage Systems, Inc. (“WMS” or “the Company”) (NYSE: WMS), the Company postponed filing its annual report for the year ended March 31, 2015. Ultimately, WMS restated 4 years of audited financial results. The Company admitted that members of the Company’s finance staff stated that (i) they had been asked to record a journal entry or other adjustment without proper authorization or support, (ii) they had been asked or coerced to record a journal entry or other adjustment with which they were uncomfortable, and (iii) they were aware of inappropriate entries or adjustments in WMS’s financial records. In July 2018, in a cease and desist order, the U.S. Securities and Exchange Commission (“SEC”) found that the Company’s Chief Financial Officers (“CFO”) at the time, Mark Sturgeon, knowingly directed and approved improper accounting,  “knowingly circumvented or failed to implement a system of internal controls.” and “directly or indirectly falsified or caused to be falsified books, records, and accounts.” WMS agreed to pay a civil money penalty of $1 million. Sturgeon agreed (i) to pay a $100,000 civil money penalty, (ii) not to appear or practice as an accountant before the SEC, and (iii) to repay WMS $173,970, representing profits for his improper sale of WMS common stock. Thus, the SEC found that Sturgeon directly and indirectly, “willfully” caused WMS to manipulate its financial results. As a proximate result of this wrongdoing, investors who purchased WMS common stock between August 15, 2015 and March 31, 2016 and held until after March 31, 2016 suffered damages.

If you purchased common stock, or derivative securities convertible into, exercisable for, or exchangeable against WMS common stock, from the period beginning on August 15, 2015, through March 31, 2016, you may have a compensable legal claim in connection with WMS’s alleged fraud.

 
If you would like additional information concerning this potential legal claim and the compensation you may be entitled to, please visit https://www.rosenlegal.com/cases-register-1618.html.
 
You may also contact Phillip Kim, Esq. or Noel Chandonnet, Jr. to learn more at 212-686-1060.