Investigation and pending class action lawsuit against IPEX, INC. and IPEX USA, LLC.
IPEX manufactures plumping supplies including its Kitec plumbing system. Homeowners that have installed the Kitec Plumbing System claim that it is subject to failure, causing severe damage to homes, offices and other buildings. Brass fittings used to connect lengths of pipe are particularly prone to dezincification, which restricts water flow and causes the pipes to become pressurized. The pressurized pipes eventually leak resulting in water damage that requires removal and/or replacement of the entire Kitec plumbing system. The lawsuit alleges that IPEX falsely claims the Kitec plumbing system is safe, reliable, corrosion-resistant and virtually maintenance free. The lawsuit also alleges that IPEX refuses to honor their purported 30-year warranty.
Name (Stock Symbol)
IPEX designs and manufactures integrated thermoplastic piping systems, including pipe, valves, fittings, auxiliary components and tools, for municipal, industrial, commercial and residential applications.
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