NEW YORK, Jan. 02, 2024 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of The Procter & Gamble Company (“P&G” or the “Company”) (NYSE: PG). Such investors are advised to contact Danielle Peyton at newaction@pomlaw.com or 646-581-9980, ext. 7980.
The investigation concerns whether P&G and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On December 5, 2023, P&G disclosed in a filing with the U.S. Securities and Exchange Commission that the Company will incur up to $2.5B in charges related to its 2005 acquisition of Gillette and restructuring of operations in several markets. P&G further advised that it anticipates a $1B after-tax non-cash impairment charge during the quarter for intangible assets acquired as part of its Gillette acquisition. According to P&G, “[t]he impairment charge arises from a reduction in the estimated fair value of the Gillette indefinite-lived intangible asset due to a higher discount rate, weakening of several currencies relative to the U.S. dollar and the impact of the restructuring program described above. This impairment charge adjusts the carrying value of the Gillette indefinite-lived intangible asset to fair value . . . . [F]uture adverse changes in the business or macroeconomic environment may trigger a further impairment charge.”
On this news, P&G’s stock price fell $5.30 per share, or 3.49%, to close at $146.76 per share on December 5, 2023.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
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CONTACT:
Danielle Peyton
Pomerantz LLP
646-581-9980 ext. 7980
