Law Offices of Howard G. Smith announces an investigation on behalf of Construction Partners, Inc. (“Construction Partners” or the “Company”) (NASDAQ: ROAD) investors concerning the Company’s possible violations of federal securities laws.
IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN CONSTRUCTION PARTNERS, INC. (ROAD), CONTACT THE LAW OFFICES OF HOWARD G. SMITH ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS.
Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@howardsmithlaw.com, by telephone at (215) 638-4847 or visit our website at www.howardsmithlaw.com.
What Happened?
On January 23, 2025, Spruce Point Research published a report alleging, among other things, that Construction Partners exhibits “poor transparency around financial and operational reporting” including “[h]igh DSOs relative to industry [which] is often a harbinger of financial restatement risk and/or weak internal controls.”
The Spruce Point report further states that “through a FOIA request” it found “evidence that Florida DOT revenues may have peaked and awarded contracts apparently declined by -22% in 2024.” The report also states that Spruce Point “FOIAed the Texas DOT and f[ou]nd no contracts awarded or purchase orders to” the Company’s recently acquired Texas subsidiary “in the last 24 months.” The report alleged the Company may have “misevaluated who is the actual customer in its business dealings” with the Texas Department of Transportation, resulting in “the potential that revenue has been inaccurately recorded.”
On this news, Construction Partners’ stock price fell $10.20, or 11%, to close at $82.58 per share on January 23, 2025, thereby injuring investors.
Contact Us To Participate or Learn More:
If you purchased Construction Partners securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us:
Law Offices of Howard G. Smith,
3070 Bristol Pike, Suite 112,
Bensalem, Pennsylvania 19020,
Telephone: (215) 638-4847
Email: howardsmith@howardsmithlaw.com,
Visit our website at: www.howardsmithlaw.com.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129606078/en/
Contacts
Contact Us:
Law Offices of Howard G. Smith
Howard G. Smith, Esquire
215-638-4847
howardsmith@howardsmithlaw.com
www.howardsmithlaw.com
