LOS ANGELES–(BUSINESS WIRE)–$CVET—Glancy Prongay & Murray LLP (“GPM”), a national investors rights law firm, announces that a class action lawsuit has been filed on behalf of investors that acquired Covetrus, Inc. (“Covetrus” or the “Company”) (NASDAQ: CVET) common stock between February 8, 2019 and August 12, 2019, inclusive (the “Class Period”). Covetrus investors have until November 29, 2019 to file a lead plaintiff motion.
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to [email protected], or visit our website at www.glancylaw.com.
In February 2019, Covetrus was formed through a spin-off of Henry Schein’s Animal Health Business, which was merged with Vets First Choice (VFC).
On August 13, 2019, before the market opened, Covetrus reported a net loss of $0.09 per share for the second quarter of 2019, well below analyst estimates of $0.17 in net income per share.
Additionally, the Company also revealed difficulties integrating the platforms and disclosed increased spending to eliminate obligations to Henry Schein as part of the spin-off agreement.
On this news, the Company’s share price fell $9.30, or 40%, to close at $13.89 per share on August 13, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company had overstated its capabilities with regard to inventory management and supply chain services; (2) that Covetrus had understated the costs of the integration of Henry Schein’s Animal Health Business and VFC, including the timing and nature of those costs; (3) that Covetrus had understated its separation costs from Henry Schein; and (4) that the Company understated the impact on earnings from online competition and alternative distribution channels as well as the impact of the loss of a large customer in North America just prior to the Company’s separation from Henry Schein.
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If you purchased shares of Covetrus during the Class Period, you may move the Court no later than November 29, 2019 to ask the Court to appoint you as lead plaintiff. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay and Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
www.glancylaw.com
[email protected]
