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Oklahoma City, OK (March 12, 2019) – On March 7, 2019, a securities class action lawsuit was filed in the United States District Court for the Western District of Wisconsin against Spectrum Brands Legacy, Inc. (f/k/a Spectrum Brands Holdings, Inc.) (NYSE: SPB). The complaint alleges violations of federal securities laws, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5, including allegations of issuing a series of material or false misrepresentations to the market which had the effect of artificially inflating the market price during the Class Period, which is June 14, 2016 through April 25, 2018. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Spectrum was facing operational issues with the development of its Ohio and Kansas facilities; (2) these issues were negatively impacting production, shipping levels, and sales; and (3) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.
On April 26, 2018, Spectrum issued a press release announcing the Company’s financial and operating results for the fiscal quarter ended April 1, 2018. For the quarter, Spectrum reported net income of $0.8 million, or $0.02 per diluted share, compared to net income of $39.9 million, or $0.68 per diluted share for the comparable period in the prior year. The same day, Spectrum also announced that Andreas R. Rouvé had stepped down as Spectrum’s Chief Executive Officer (“CEO”) and Director and that David M. Maura had been named CEO, effectively immediately. Following this news, Spectrum’s stock price fell $20.50 per share, or roughly 22.10%, to close at $72.22 per share on April 26, 2018.
Plaintiff seeks to recover damages on behalf of all Spectrum Brands Legacy, Inc. (f/k/a Spectrum Brands Holdings, Inc.) shareholders who purchased common stock during the Class Period and are therefore a member of the Class as described above. You may move the Court no later than Monday, May 6, 2019 to serve as a lead plaintiff for the entire Class. However, in order to do so, you must meet certain legal requirements pursuant to the Private Securities Litigation Reform Act of 1995.
If you wish to discuss this action, obtain further information and participate in this or any other securities litigation, or should you have any questions or concerns regarding this notice or preservation of your rights, please contact: Robin Hester at email@example.com