NEW YORK, May 22, 2014 (GLOBE NEWSWIRE) -- The Rosen Law Firm, P.A. announces that a class action lawsuit has been filed on behalf of purchasers of Ply Gem Holdings, Inc. ("Ply Gem") (Nasdaq:PGEM).
To join the PGEM class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email pkim@rosenlegal.com or kchan@rosenlegal.com for information on the class action. The lawsuit is pending in the U.S. District Court for the Southern District of New York
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. YOU MAY CHOOSE TO DO NOTHING AT THIS POINT AND REMAIN AN ABSENT CLASS MEMBER.
On or about May 22, 2013, the SEC declared effective Ply Gem's Form S-1 Registration Statement (the "Registration Statement"), and Ply Gem conducted its Initial Public Offering ("IPO"). The complaint alleges that the Registration Statement failed to disclose negative material trends and events. These material events included: (i) that Ply Gem had agreed to buy back certain inventory from The Home Depot, Inc. as an accommodation related to a new supply agreement between the two companies, and initially to sell it lower-priced, lower-margin product; (ii) that April 2013 was a particularly poor month for the Company, with management noting that "maybe it wasn't our worst April in eight years, but it was our worst in a while"; and (iii) that high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem's siding products in April 2013 and May 2013.
If you wish to serve as lead plaintiff, you must move the Court no later than July 18, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation.
If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at pkim@rosenlegal.com. You may also visit the firm's website at http://rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.