SAN DIEGO & MIDDLETON, Wis.–(BUSINESS WIRE)–lt;a href=”https://twitter.com/search?q=%24SPB&src=ctag” target=”_blank”gt;$SPBlt;/agt; lt;a href=”https://twitter.com/hashtag/ClassAction?src=hash” target=”_blank”gt;#ClassActionlt;/agt;–Shareholder rights law firm Robbins
Arroyo LLP announces that investors filed another class action
complaint against Spectrum Brands Holdings Inc. (NYSE: SPB) for alleged
violations of the Securities and Exchange Act of 1934 between June 14,
2016 and November 16, 2018. Spectrum Brands is a consumer products
company manufacturing, marketing, and distributing a variety of products
in approximately 160 countries.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/spectrum-brands-may-19/
Spectrum Brands Accused of Inflating Stock Price
According to the complaint, between 2016 and 2018, Spectrum Brands had
been falsely reassuring investors of its progress with its improvement
initiatives, which included the development of its Ohio and Kansas
distribution centers. While telling investors that the distribution
centers were on track to help reduce expenses and inventory, Spectrum
Brands failed to mention the self-inflicting, recurring operational
issues in those facilities. Former CEO Andreas Rouve repeatedly
downplayed the glitches regarding the construction and operation of the
distribution. However, the truth was revealed in an April 2018
conference call when new CEO David Maura admitted to long term problems
with the facilities and the prolonged recovery period. On this news,
Spectrum Brands’ stock fell approximately 20%, to close at $75.01 per
share on April 26, 2018. Then, in November 2018, Spectrum Brands
announced a $92.5 million goodwill write down stemming from the
inadequately performed consolidation projects. On this news, Spectrum
Brands’ stock fell another 19%. Since then, the stock has continued to
fall and trades significantly below the stock’s class period high.
Spectrum Brands Shareholders Have Legal Options
Concerned shareholders who would like more information about their
rights and potential remedies can contact attorney Leo Kandinov at (800)
350-6003, [email protected],
or via the shareholder
information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder
rights law. The firm represents individual and institutional investors
in shareholder derivative and securities class action lawsuits, and has
helped its clients realize more than $1 billion of value for themselves
and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
Contacts
Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San
Diego, CA 92122
[email protected]
(619)
525-3990 or Toll Free (800) 350-6003
www.robbinsarroyo.com
