BENSALEM, Pa.--(BUSINESS WIRE)--
Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of all purchasers of the common stock of Ply Gem Holdings, Inc. (“Ply Gem” or the “Company”) (PGEM) pursuant or traceable to the Company's May 22, 2013, initial public offering.
Ply Gem, together with its subsidiaries, manufactures and sells residential and commercial building products including siding, fencing, windows and doors, primarily in the United States and Canada. The Complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO negligently failed to disclose certain material events that caused the financial information reported in the Registration Statement to be misleading. These material events included, among others: (1) Ply Gem’s agreement to buy back certain inventory from The Home Depot, Inc. (“Home Depot”) as part of a new supply agreement between the two companies, and that the agreement required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin products; (2) on-going labor inefficiencies and other costs associated with the initial roll out of lower-priced, lower-margin products to Home Depot; and (3), 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 are a member of the Class described above, you have until July 18, 2014, to move the Court to serve as lead plaintiff, if you meet certain legal requirements. 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, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, Toll Free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
- Company Legal & Law Matters
- Investment & Company Information
- United States District Court