INVESTOR ALERT: Shareholder Class Action Lawsuit Filed Against Atkore, Inc. (NYSE: ATKR); DiCello Levitt LLP Encourages Investors with Losses to Discuss Their Options with Counsel

/EIN News/ -- SAN DIEGO, March 26, 2025 (GLOBE NEWSWIRE) -- A class action lawsuit has been filed on behalf of all persons and entities that purchased or otherwise acquired Atkore, Inc. (NYSE: ATKR) (“Atkore” or the “Company”) common stock between February 1, 2024 and February 3, 2025 (the “Class Period”), charging the Company and certain current and former senior executives with violations of the federal securities laws (collectively, “Defendants”).

Atkore investors have until April 23, 2025 to seek appointment as lead plaintiff of the Atkore class action lawsuit.

If you purchased or acquired Atkore common stock between February 1, 2024 and February 3, 2025, and suffered substantial losses, and you wish to obtain additional information or serve as lead plaintiff in this lawsuit, you may submit your information and contact us here: https://dicellolevitt.com/securities/atkore/.

You can also contact DiCello Levitt attorneys Brian O’Mara or Ruben Peña by calling (888) 287-9005 or emailing investors@dicellolevitt.com.   Those who inquire by email are encouraged to include their mailing address, telephone number, and the number of shares purchased.

No Class Has Been Certified.   Until a class is certified, you are not represented by counsel unless you retain one.   You may select counsel of your choice.

Case Allegations

Atkore is a leading manufacturer of electrical, safety, and infrastructure products, including polyvinyl chloride (“PVC”) water pipes and electrical conduit pipes.   During the COVID-19 pandemic, shipping costs skyrocketed.   As a result, foreign PVC pipe manufacturers were unable to profitably sell PVC pipes in the United States.

The Atkore lawsuit alleges that Defendants made materially false and/or misleading statements and failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose that: (1) Atkore engaged in an anticompetitive price-fixing scheme with other U.S.-based PVC pipe manufacturers to artificially inflate the price of PVC pipes; (2) Atkore gained significant, unsustainable financial benefits from such conduct; (3) when the anticompetitive price-fixing scheme was exposed, Atkore and its co-conspirators could no longer artificially inflate the price of PVC pipes, resulting in a dramatic decline in PVC pipe pricing; and (4) Atkore’s business and operations were negatively impacted.

On July 24, 2024, the short seller firm ManBear published a report titled “PipePrice Fixing” (the “Report”), in which it stated Atkore’s “apparent price fixing has resulted in massively inflated pipe prices and converter margins.”   In response, Defendants dismissed the Report’s allegations, stating “that report is unsubstantiated form the conclusions it tries to make.”

The truth emerged on February 4, 2025, when Atkore announced its financial results for the first quarter of fiscal year 2025, reporting net sales of $661.6 million – below analysts’ estimates of $680.7 million – and significantly reducing its guidance for the rest of fiscal year 2025. In the corresponding earnings call held on that same day, Defendants disclosed that Atkore’s “plastic pipe and conduit product category declined mid-single digits during the quarter,” and attributed the guidance reduction to Atkore’s PVC business performing poorly, stating, “roughly $75 million or 3/4 of that is on the PVC side.”

On this news, the price of Atkore’s common stock fell by $15.59 per share, or approximately 20%, to close at $64.13 per share on February 4, 2025.

About DiCello Levitt

At DiCello Levitt, we are dedicated to achieving justice for our clients through class action, business-to-business, public client, whistleblower, personal injury, civil and human rights, and mass tort litigation. Our lawyers are highly respected for their ability to litigate and win cases – whether by trial, settlement, or otherwise – for people who have suffered harm, global corporations that have sustained significant economic losses, and public clients seeking to protect their citizens’ rights and interests. Every day, we put our reputations – and our capital – on the line for our clients.

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Media Contact

Amy Coker
4747 Executive Drive, Suite 240
San Diego, CA 92121
619-963-2426
investors@dicellolevitt.com