An investigation on behalf of participants in the Aecom (NYSE:ACM) Retirement & Savings Plan concerning potential Breaches of Fiduciary Duty by the plan administrator was announced.
Those who are participants in the Aecom (NYSE:ACM) Retirement & Savings Plan have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the investigation by a law firm under the federal Employee Retirement Income Security Act (“ERISA”) current or former participants in the Aecom (NYSE:ACM) Retirement & Savings Plan may be eligible to file an ERISA complaint for putting stock options at risk if they can prove that the plan administrator violated its fiduciary duty to them.
On October 17, 2014, AECOM announced that the Company had finalized its acquisition of URS Corp. (“URS” and the “URS Acquisition”).
On August 16, 2016, an article was published about AECOM stating, “after a careful forensic financial and accounting analysis of AECOM’s recent financial results and condition, we believe that AECOM’s stock is worth approximately 33% – 45% less than its current price.” The Report also noted that there are “material weaknesses of internal controls over financial reporting associated with [the Company’s] acquisition of URS [Corp.]” and AECOM management’s “misaligned incentive structure,” pursuant to which the Company’s “CEO’s $18 million compensation in 2015 [was] heavily tied to its aggressive interpretation of its Free Cash Flow per share.”
On September 1, 2016, a lawsuit was filed against Aecom over alleged securities laws violations. The plaintiff alleges on behalf of purchasers of Aecom (NYSE:ACM) common shares between February 11, 2015 and August 15, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between February 11, 2015 and August 15, 2016 Defendants made false and/or misleading statements and/or failed to disclose that AECOM engaged in fraudulent and deceptive business practices, that AECOM lacked effective internal controls over financial reporting, that AECOM overstated the benefits of the URS Acquisition, that AECOM overstated the Company’s free cash flow per share, and that as a result of the foregoing, AECOM’s public statements were materially false and misleading at all relevant times.
Those who are participants in the Aecom Retirement & Savings Plan have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com