Globe Newswire 15-Mar-2019 2:57 PM
NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Spectrum Brands Legacy, Inc. f/k/a Spectrum Brands Holdings, Inc. ("Spectrum" or the "Company") (NYSE:SPB) of the May 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Spectrum stock or options between June 14, 2016 and April 25, 2018 and would like to discuss your legal rights, click here: www.faruqilaw.com/SPB. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Wisconsin on behalf of all those who purchased Spectrum securities between June 14, 2016 and April 25, 2018 (the "Class Period"). The case, Wagner, Earl v. Spectrum Brands Legacy, Inc. et al, No. 19-cv-00178 was filed on March 7, 2019, and has been assigned to Judge James D. Peterson.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) Spectrum was facing operational issues with the development of its Ohio and Kansas facilities; (2) these issues were negatively impacting production, shipping levels and sales; and (3) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.
Specifically, on July 27, 2017, Spectrum issued a press release, also attached as exhibit 99.1 to the Form 8-K filed with the Securities and Exchange Commission ("SEC") announcing the Company's financial and operating results for the third fiscal quarter ended July 2, 2017. For the quarter, the Company reported net income of $76.9 million, or $1.31 per diluted share, compared to net income of $101.9 million, or $1.71 per diluted share in the previous year's comparable quarter.
On this news, the Company's stock price fell from $122.97 per share on July 26, 2017 to $117.95 per share on July 27, 2017—a $5.02 or 4.08% drop.
Then, On April 26, 2018, Spectrum issued a press release, also attached as exhibit 99.1 to the Form 8-K filed with the SEC announcing the Company's financial and operating results for the second fiscal quarter ended April 1, 2018. For the quarter, the Company reported net income of $0.8 million, or $0.02 per diluted share, compared to net income of $39.9 million, or $0.68 per diluted share in the previous year's comparable quarter. The same day, Spectrum also announced that Defendant Rouvé stepped down as Spectrum's Chief Executive Officer ("CEO") and Director and that David M. Maura had been named CEO, effectively immediately.
On this news, the Company's stock price fell from $94.23 per share on April 25, 2018 to $75.01 per share on April 26, 2018—a $19.22 or 20.4% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Spectrum's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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