NEW YORK, Nov. 20, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Apogee Enterprises, Inc.  (“Apogee” or the “Company”) (NASDAQ: APOG) of the January 4, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.

If you invested in Apogee stock or options between June 28, 2018 and September 17, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/APOG. There is no cost or obligation to you.

You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. 

CONTACT:
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The lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of all those who purchased Apogee securities between June 28, 2018 and September 17, 2018 (the “Class Period”).  The case, Mayer v. Apogee Enterprises, Inc., No. 18-cv-03097 was filed on November 5, 2018.

The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failed to disclose that: (i) Apogee lacked the required labor force in place to ramp-up its production; (ii) Apogee was unable to hire, train and retain new employees; (iii) Apogee’s productivity and margins would be negatively impacted; and (iv) as a result of the foregoing, the Company’s statements about the Company’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Specifically, On September 18, 2018, Apogee issued a press release, also attached as exhibit 99.1 to the Form 8-K filed with the SEC announcing the Company’s financial and operating results for the second fiscal quarter and six month ended September 1, 2018 (“Q2 2018 Press Release”).  During a conference call to discuss the Company’s financial and operating results for the second fiscal quarter and six month ended September 1, 2018 (“Q2 2018 Conf. Call”), Apogee’s chief executive officer, Puishys ultimately admitted that (i) Apogee was never ready to ramp up production and meet the previously announced growth and margins, (ii) The Company was aware of the labor market trends (iii) The Company failed to action any action to overcome said trends.

After the announcement, Apogee’s share price fell from $48.22 per share on September 17, 2018 to a closing price of $41.76 on September 19, 2018—a $6.46 or a 13.40% drop.

The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not. 

Faruqi & Faruqi, LLP also encourages anyone with information regarding Apogee’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.

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