NEW YORK, Feb. 17, 2006 (PRIMEZONE) -- Attorney Christopher Gray of the Law Office of Christopher J. Gray, P.C. (newcases@cjgraylaw.com) filed a class action lawsuit on February 17, 2006 on behalf of all persons who purchased the securities of defendant Jarden Corp. (NYSE:JAH) between June 29, 2005 and January 11, 2006, inclusive (the "Class Period"). The lawsuit asserts claims under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated by the SEC thereunder and seeks to recover damages. Any member of the class may move the Court to be named lead plaintiff. If you wish to serve as lead plaintiff, you must move the Court no later than April 4, 2006.
The Jarden class action lawsuit is pending in the U.S. District Court for the Southern District of New York (300 Quarropas Street, White Plains, New York), Docket No. 06-CV-1313. According to the complaint, defendants made misstatements of material facts and omitted to state material facts in violation of the federal securities laws. Specifically, the complaint alleges that during the Class Period, defendants caused the share price of Jarden stock to be artificially inflated by misrepresenting the business situation and earnings potential of the Holmes Group, Inc. after that company was acquired by Jarden at the beginning of the Class Period.
The complaint alleges that on January 12, 2006 Jarden announced that Holmes' profit margins and product mix were not what the market had been led to expect, and that as a result Jarden's earnings for the fourth quarter of 2005 were lower than analysts' expectations. The complaint alleges that as a result of this news, Jarden stock, which had traded at post-split prices as high as $41.78 a share during the Class Period, fell to prices as low as $26.50.
The class action lawsuit seeks to recover investors' losses resulting from defendants' alleged misrepresentations concerning Jarden's business and prospects.
The Law Office of Christopher J. Gray, P.C.'s practice is concentrated in complex litigation, class action litigation, and securities arbitration. Investors with questions about the Jarden class action may contact Attorney Christopher Gray at the e-mail address, address, fax number, or telephone number below.