BENSALEM, Pa., Nov. 16, 2005 (PRIMEZONE) -- Smith & Smith LLP announces that a securities class action lawsuit has been filed on behalf of shareholders who purchased securities of Spectrum Brands, Inc. ("Spectrum" or the "Company")(NYSE:SPC), between January 4, 2005 and November 11, 2005, inclusive (the "Class Period"). The class action lawsuit was filed in the United States District Court for the Northern District of Georgia.
The Complaint alleges that Spectrum and certain of its executive officers violated sections 10(b) and 20(a) of the Securities Exchange Act and SEC Rule 10b-5 by issuing a series of material misrepresentations to the market during the Class Period concerning the Company's operations and financial performance, thereby artificially inflating the price of Spectrum securities. The Complaint alleges that throughout the Class Period defendants recklessly disregarded the Company's true operational and financial condition, and represented that the Company was growing through acquisitions and diversifying revenues, among other things. Unbeknownst to investors, during the Class Period the Company suffered from a number of undisclosed adverse factors that negatively impacted its business and financial results.
No class has yet been certified in the above action. Until a class is certified, you are not represented by counsel unless you retain one. If you purchased Spectrum securities between January 4, 2005 and November 11, 2005, you have certain rights, and have until November 28, 2005, in which to move for Lead Plaintiff status. To be a member of the class you need not take any action at this time, and you may retain counsel of your choice. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard Smith, Esquire, of Smith & Smith LLP, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone, Toll-Free at (866) 759-2275, or by email to howardsmithlaw@hotmail.com.