A securities fraud class action lawsuit has been filed against Badger Meter, a manufacturer of water meters and flow instruments, with a fast-approaching deadline for investors to apply as lead plaintiff on August 3, 2026.

The lawsuit is brought on behalf of investors who purchased the company's common shares between April 18, 2024, and April 16, 2026. It alleges that the company and certain senior executives made false and misleading statements regarding the company's business operations and financial outlook during this period.

Where to Begin

The core of the lawsuit claims that Badger Meter's financial results were partly inflated by a practice of recognizing revenue from customer orders "early." This method allegedly concealed a weakening in demand and a worsening trend in short-term orders, while also depleting revenue that could have been booked in future periods. During the class period, the company reportedly told investors that its performance reflected "continued favorable industry trends," "long-term growth drivers," and "strong operational execution," while also describing demand as "robust" with a "solid order pace and a strong bidding pipeline."

Impact of Disappointing Earnings Reports

The truth began to emerge through a series of disappointing quarterly results. On July 22, 2025, the company reported second-quarter earnings that fell short of market expectations, with slower revenue growth and worsening margins. Management also forecast a sequential decline in third-quarter sales, causing the stock to plummet 16.5% to $204.80 that day. On January 28, 2026, fourth-quarter results showed a 6% sequential decline in utility water sales, attributed to "project timing impacts," leading to another 11% drop in the stock price to $146.32. Then, on April 17, 2026, first-quarter results revealed a 9% year-over-year decline in total sales, a 10% drop in utility water sales, and earnings per share falling to $0.93 from $1.30 in the same period last year. The company for the first time acknowledged that "weaker short-term municipal customer orders" were a contributing factor, causing the stock to crash 24.1% to $115.54.

Deadline for Lead Plaintiff

The deadline to apply as lead plaintiff is August 3, 2026. The lead plaintiff will direct the litigation on behalf of the class members and participate in key decisions. Investors who do not serve as lead plaintiff are still eligible to share in any potential recovery. Multiple law firms are currently representing investors in this action.