STEVENSON, Md., March 7, 2014 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Coty, Inc. ("Coty" or the "Company") (NYSE:COTY) common stock pursuant to and/or traceable to the Company's June 12, 2013 initial public offering ("IPO").
If you have suffered a net loss from investment in Coty, Inc. pursuant to and/or traceable to the Company's June 12, 2013 IPO, and held through the revelation of negative information, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff, at no cost to you, by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than April 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in the Registration Statement issued in connection with the IPO that during the quarter leading up to the IPO, consumption of Coty's products was materially declining, and its customers were returning products to Coty rather than selling such products to consumers, that by the time of the IPO sales of Coty's nail products were flat, and that that there was a decline in the consumption of Coty products causing mass retailers to destock Coty inventory, to not replenish inventory, or to stock less inventory, a material trend that would cause a material decline in Coty's revenue, revelation of which caused a decline in the value of City shares.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616