AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

Deadline Reminder: The Law Offices of Howard G. Smith Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Covetrus, Inc.

October 14, 2019 GMT

BENSALEM, Pa.--(BUSINESS WIRE)--Oct 14, 2019--

Law Offices of Howard G. Smith reminds investors of the upcoming November 20, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Covetrus, Inc. (“Covetrus” or the “Company”) (NASDAQ: CVET ) common stock between February 8, 2019 and August 12, 2019, inclusive (the “Class Period”).

Investors suffering losses on their Covetrus investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.

In February 2019, Covetrus was formed through a spin-off of Henry Schein’s Animal Health Business, which was merged with Vets First Choice (VFC).

On August 13, 2019, before the market opened, Covetrus reported a net loss of $0.09 per share for the second quarter of 2019, well below analyst estimates of $0.17 in net income per share. Additionally, the Company also revealed difficulties integrating the platforms and disclosed increased spending to eliminate obligations to Henry Schein as part of the spin-off agreement.

On this news, the Company’s share price fell $9.30, or 40%, to close at $13.89 per share on August 13, 2019, thereby injuring investors.

The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had overstated its capabilities with regard to inventory management and supply chain services; (2) that Covetrus had understated the costs of the integration of Henry Schein’s Animal Health Business and VFC, including the timing and nature of those costs; (3) that Covetrus had understated its separation costs from Henry Schein; and (4) that the Company understated the impact on earnings from online competition and alternative distribution channels as well as the impact of the loss of a large customer in North America just prior to the Company’s separation from Henry Schein.

If you purchased Covetrus common stock during the Class Period you may move the Court no later than November 29, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

View source version on businesswire.com:https://www.businesswire.com/news/home/20191014005133/en/

CONTACT: Law Offices of Howard G. Smith

Howard G. Smith, Esquire

215-638-4847

888-638-4847

howardsmith@howardsmithlaw.com

www.howardsmithlaw.com

KEYWORD: PENNSYLVANIA UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: LEGAL PROFESSIONAL SERVICES

SOURCE: Law Offices of Howard G. Smith

Copyright Business Wire 2019.

PUB: 10/14/2019 11:00 AM/DISC: 10/14/2019 11:01 AM

http://www.businesswire.com/news/home/20191014005133/en