Glancy Prongay & Murray Reminds Investors of Looming Deadline in the Class Action Lawsuit Against Spectrum Brands Legacy, Inc. f/k/a Spectrum Brands Holdings, Inc.
LOS ANGELES, March 28, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the May 6, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Spectrum Brands Legacy, Inc. f/k/a Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”) (NYSE: SPB ) securities between May 3, 2017 and February 21, 2019, inclusive (the “Class Period”). Spectrum investors have until May 6, 2019 to file a lead plaintiff motion in this class action.
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If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to email@example.com, or visit our website at www.glancylaw.com.
On April 26, 2018, Spectrum announced its financial and operating results for the fiscal quarter ended April 1, 2018. For the quarter, Spectrum 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 for the comparable period in the prior year. The same day, Spectrum also announced that Andreas R. Rouvé had 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, shares of Spectrum fell $20.50 per share, or nearly 22%, to close at $72.22 per share on April 26, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company’s business, operational and compliance policies. Specifically, Defendants made false and/or misleading statements and/or failed 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.
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If you purchased or otherwise acquired Spectrum securities during the Class Period you may move the Court no later than May 6, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. 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 the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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