Atkore (US:ATKR) GlobeNewswire News Room·2025-06-16 21:18Core Viewpoint - Kaskela Law LLC is investigating potential breach of fiduciary duty claims against Atkore Inc. on behalf of long-term shareholders due to allegations of securities fraud and anticompetitive behavior [1][2]. Summary by Relevant Sections Allegations of Misconduct - A securities fraud complaint has been filed against Atkore, claiming that during the Class Period (February 1, 2024, to February 3, 2025), the company and its executives made materially false statements and failed to disclose an anticompetitive price-fixing scheme that inflated PVC pipe prices [2][3]. - The complaint alleges that Atkore benefited financially from this scheme, which became unsustainable once exposed, leading to a significant drop in PVC pipe prices [3]. Financial Impact - On February 4, 2025, Atkore announced its Q1 fiscal year 2025 results, reporting net sales of $661.6 million, which fell short of analysts' expectations of $680.7 million [4]. - The company also reduced its adjusted EPS and EBITDA guidance for the remainder of fiscal year 2025, attributing a significant portion of the guidance reduction (approximately $75 million or 3/4) to poor performance in its PVC business [4]. - Following this announcement, Atkore's stock price dropped by $15.59, nearly 20%, closing at $64.13 per share on unusually high trading volume [4]. Investigation Details - The investigation aims to determine if Atkore's board of directors violated securities laws or breached fiduciary duties related to the alleged misconduct [5]. - Current shareholders who have held Atkore shares since at least February 1, 2024, are encouraged to contact Kaskela Law LLC for more information regarding their legal rights and options [5].