NEW YORK, March 15, 2019 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action lawsuit has been filed against Spectrum Brands Legacy, Inc. f/k/a Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”) (NYSE: SPB) in the United States District Court for the Western District of Wisconsin on behalf of those who purchased or acquired the securities of Spectrum between June 14, 2016 through April 25, 2018, inclusive (the “Class Period”).
Investors who purchased shares of Spectrum Brands Legacy, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website www.whafh.com.
If you have incurred losses in the shares of Spectrum Brands Legacy, Inc., you may, no later than May 6, 2019, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights as an investor in Spectrum Brands Legacy, Inc.
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The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that:
- Spectrum was facing operational issues with the development of its Ohio and Kansas facilities;
- these issues were negatively impacting production, shipping levels, and sales; and
- as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On April 26, 2018, Spectrum issued a press release announcing the Company’s 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.
Following this news, Spectrum’s stock price fell $20.50 per share, or roughly 22.10%, to close at $72.22 per share on April 26, 2018.
Wolf Haldenstein Adler Freeman & Herz LLP has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com, or visit our website at www.whafh.com.
Contact:
Wolf Haldenstein Adler Freeman & Herz LLP
Kevin Cooper, Esq.
Gregory Stone, Director of Case and Financial Analysis
Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com
Tel: (800) 575-0735 or (212) 545-4774
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