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Time-Sensitive: Allegations Focus on Misrepresentations of "Secular Growth Drivers" and "Robust Demand" That Allegedly Masked Revenue Borrowed From Future Periods

BMI INVESTOR ALERT

NEW YORK , June 18, 2026 /PRNewswire/ -- SueWallSt alerts investors in Badger Meter, Inc. (NYSE: BMI) of a pending securities class action. Class Period: April 18, 2024 through April 16, 2026. Check if you can recover your investment losses or contact Joseph E. Levi, Esq. at jlevi@SueWallSt.com | (888) SueWallSt.

Badger Meter shares lost over $36 per share in a single session, a decline exceeding 24%, after the company acknowledged that "softer short-cycle municipal customer ordering" and demand variability it had never previously disclosed drove a 9% year-over-year revenue decline. This followed previous declines of approximately 16.5% on July 22, 2025, and 11% on January 28, 2026. The Court has set August 3, 2026 as the deadline to apply for lead plaintiff appointment.

What Management Allegedly Knew

Throughout the Class Period, the lawsuit asserts, Badger Meter attributed consecutive quarters of record revenue to "ongoing favorable industry fundamentals," "secular growth drivers," and "robust adoption rates" for its advanced metering infrastructure solutions. As alleged, these characterizations painted a picture of durable, organically expanding demand when the underlying reality was materially different.

The action claims that management repeatedly pointed to favorable macro conditions and long-term AMI adoption trends while failing to disclose that a significant portion of reported revenue was effectively depleted from future periods through the practice of pulling forward customer orders.

Alleged Mischaracterization of Demand Drivers in the Water Utility Sector

The securities action focuses on a critical distinction: the difference between genuine secular demand growth and revenue acceleration driven by order timing. As alleged in the complaint:

• Management described demand as "replacement-driven" and underpinned by a "long runway" of AMI adoption, yet short-cycle ordering variability was allegedly concealed behind elevated backlog
• Quarterly earnings releases repeatedly characterized results as "record" performance driven by "customer demand" rather than disclosing the role of pulled-forward orders
• When analysts specifically asked whether customers had pulled forward orders, management stated that 75% of revenue went "direct to end users" who "really, in many ways, cannot pull forward"
• The company touted an "encouraging opportunity funnel, bid pipeline and order book" while allegedly aware that near-term order trends were deteriorating
• Forward guidance of "high single-digit average top line growth" was maintained even as the demand conditions supporting it were allegedly eroding

"Investors deserve transparency about material risks that could affect their investments. When companies characterize revenue growth as driven by durable industry fundamentals, investors are entitled to know if timing-related practices are contributing materially to reported results." -- Joseph E. Levi, Esq.

Why Demand Attribution Allegedly Matters to Investors

Investors valued BMI shares based on the premise that record results reflected sustainable, demand-driven growth in a sector with long-term tailwinds. The lawsuit contends that by framing pulled-forward revenue as evidence of secular strength, management induced shareholders to pay prices that did not reflect the true trajectory of the business. When the company ultimately disclosed that short-cycle variability "has always existed" but was "less visible" due to backlog conditions, the gap between narrative and reality became apparent.

Speak with an attorney about recovering damages or call (888) SueWallSt.

WHY SUEWALLST -- Ranked in ISS Securities Class Action Services' Top 50 Report for seven consecutive years, SueWallSt is a nationally recognized leader in shareholder rights litigation. With a team of over 70 professionals, the firm has recovered hundreds of millions of dollars for investors.

Frequently Asked Questions About the BMI Lawsuit

Q: Who is eligible to join the BMI investor lawsuit? A: Investors who purchased BMI stock or securities between April 18, 2024 and April 16, 2026 and suffered financial losses may be eligible. Eligibility is based on purchase date and documented losses, not on whether you still hold the shares.

Q: How much did BMI stock drop? A: Shares fell more than 24%, a decline of $36.75 per share, after the company disclosed softer short-cycle municipal customer ordering and a 9% year-over-year revenue decline. Investors who purchased shares during the class period at artificially inflated prices may be entitled to compensation.

Q: What do BMI investors need to do right now? A: Gather brokerage records including purchase dates, share quantities, and prices paid. Contact SueWallSt for a free, no-obligation evaluation at jlevi@SueWallSt.com or (888) SueWallSt. No immediate action is required to remain eligible as a class member.

Q: What if I already sold my BMI shares, can I still recover losses? A: Yes. Eligibility is based on when you purchased, not whether you still hold them. Investors who bought during the class period and sold at a loss may still participate.

Q: Do I need to go to court or give testimony? A: No. The overwhelming majority of class members never appear in court or give depositions. You submit a claim form to receive your portion of recovery.

Q: What does it cost me to participate? A: Nothing. Securities class actions are handled on a pure contingency basis. No upfront fees, no retainer, no out-of-pocket costs.

CONTACT:
SueWallSt
Joseph E. Levi, Esq.
Ed Korsinsky, Esq.
33 Whitehall Street, 27th Floor
New York, NY 10004
jlevi@SueWallSt.com
Tel: (888) SueWallSt
Fax: (212) 363-7171

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SOURCE SueWallSt.com