Kirby McInerney LLP Announces Investigation Against Construction Partners, Inc. (ROAD) on Behalf of Investors
/EIN News/ -- NEW YORK, Jan. 30, 2025 (GLOBE NEWSWIRE) -- The law firm of Kirby McInerney LLP is investigating potential claims against Construction Partners, Inc. (“ROAD” or the “Company”) (NASDAQ:ROAD). The investigation concerns whether ROAD and/or certain of its officers have violated the federal securities laws and/or engaged in other unlawful business practices.
[LEARN MORE ABOUT THE INVESTIGATION]
On January 23, 2025, Spruce Point Research published a report alleging, among other things, that ROAD exhibits “poor transparency around financial and operational reporting” including “high DSOS [days sales outstanding] relative to industry [which] is often a harbinger of financial restatement risk and/or weak internal controls.” The report further states that “through a FOIA request” it found “evidence that Florida Department of Transportation revenues may have peaked and awarded contracts apparently declined by -22% in 2024.” The report also states that Spruce Point FOIAed the Texas Department of Transportation and “found no contracts awarded or purchase orders to” the Company’s recently acquired Texas subsidiary “in the last 24 months.” The report alleges that ROAD 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, the price of ROAD shares declined by $10.20, from $92.78 per share on January 22, 2025, to close at $82.58 on January 23, 2025.
If you purchased or otherwise acquired ROAD securities, have information, or would like to learn more about this investigation, contact Thomas W. Elrod of Kirby McInerney LLP by email at investigations@kmllp.com, or by filling out the form below to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Thomas W. Elrod, Esq.
212-699-1180
https://www.kmllp.com
investigations@kmllp.com
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