SAN FRANCISCO, July 12, 2017 (GLOBE NEWSWIRE) -- Hagens Berman Sobol Shapiro LLP alerts investors in HD Supply Holdings, Inc. (NASDAQ:HDS) to the securities class action pending in the United States District Court for the Northern District of Georgia and the September 11, 2017 Lead Plaintiff deadline.
If you purchased or otherwise acquired securities of HDS between November 9, 2016 and June 5, 2017 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information visit:
https://www.hbsslaw.com/cases/HDS
or contact Reed Kathrein, who is leading the firm’s investigation, by calling 510-725-3000 or emailing HDS@hbsslaw.com.
On June 6, 2017, HDS reported first quarter 2017 earnings per share that missed analysts’ expectations. HDS also disclosed a plan to accelerate its investment spending in its FM segment and redeploy working capital into that segment, lowering its operating leverage below previously forecasted levels. And, HDS disclosed it entered into a definitive agreement to sell its Waterworks business unit, the nation’s largest distributor of water, sewer, storm and fire protection products, for $2.5 billion in cash. These disclosures appear to contradict management’s statements during two previous earnings conference calls with analysts.
This news drove the price of HDS shares down by $7.24, or approximately 17.5%, to close at $34.03 on June 6, 2017.
Before this news and the stock drop, SEC filings show that the Company’s CEO and Chairman (Joseph DeAngelo) sold significant amounts of his HDS shares.
“We’re focused on DeAngelo’s stock sales as well as the apparent contradictions between the June 6 news and related management statements and what management previously told analysts and investors about the Company’s business during the December 2016 and March 2017 earnings conference calls,” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding HDS should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new SEC whistleblower program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email HDS@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national investor-rights law firm headquartered in Seattle, Washington with offices in 10 cities. The Firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the Firm and its successes can be found at www.hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.