Centuri Holdings, Inc. Investigation - CTRI
Case Summary
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Robbins Geller Rudman & Dowd LLP is investigating potential violations of U.S. federal securities laws involving Centuri Holdings, Inc. (NYSE: CTRI) focused on whether Centuri and certain of its top executives made false and/or misleading statements and/or failed to disclose material information to investors.
If you have information that could assist in the Centuri Investigation or if you are a Centuri investor who suffered a loss and would like to learn more, you can provide your information in the form on this page. You can also contact attorney J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449-4900 or via e-mail at info@rgrdlaw.com.
THE COMPANY: Centuri offers gas utility services, including maintenance, repair, installation, and replacement services for natural gas local distribution utility companies. In April 2024, Centuri spun off of natural gas distributor Southwest Gas Holdings in an initial public offering in which Centuri sold over 14 million shares at $21 per share for nearly $300 million in gross offering proceeds (the “IPO”).
THE INVESTIGATION: On July 29, 2024, Centuri missed market expectations when it revealed financial results for Centuri’s second quarter of 2024 – the same quarter during which the IPO was conducted. Specifically, Centuri reported that net income in the second quarter came in at $11.7 million, down from $17.1 million in the prior year period. Following this news, the price of Centuri stock fell to less than $16 per share, approximately 24% below the IPO price set just three month previously.
ABOUT ROBBINS GELLER: Robbins Geller Rudman & Dowd LLP is one of the world’s leading law firms representing investors in securities fraud cases. Our Firm has been #1 in the ISS Securities Class Action Services rankings for six out of the last ten years for securing the most monetary relief for investors. We recovered $6.6 billion for investors in securities-related class action cases – over $2.2 billion more than any other law firm in the last four years. With 200 lawyers in 10 offices, Robbins Geller is one of the largest plaintiffs’ firms in the world and the Firm’s attorneys have obtained many of the largest securities class action recoveries in history, including the largest securities class action recovery ever – $7.2 billion – in In re Enron Corp. Sec. Litig.