STEVENSON, Md., July 9, 2014 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Ply Gem Holdings, Inc. ("Ply Gem" or the "Company") (PGEM) common shares pursuant and/or traceable to the Company's May 22, 2013 initial public offering (the "IPO").
If you have suffered a loss from investment in Ply Gem common shares purchased pursuant and/or traceable to the Company's May 22, 2013 IPO and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html.
You may also request more information by contacting Brower Piven either by email at email@example.com or by telephone at (410) 415-6616. Those who inquire by email are encouraged to include their mailing address and telephone number.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than July 18, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company units during the Class Period.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants' failure to disclose in Ply Gem's Form S-1 Registration Statement, as amended (the "Registration Statement"), issued in connection with the IPO, that Ply Gem had agreed to buy back certain inventory from The Home Depot, Inc. ("Home Depot") as an accommodation related to a new supply agreement between the two companies that required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin product and that high customer inventory was adversely affecting sales of Ply Gem's siding products in April 2013 and May 2013.
According to the complaint, since the time of the IPO, the value of Ply Gem shares declined significantly.
Attorneys at Brower Piven together have more than a century of experience litigating securities and other class action cases. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
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Charles J. Piven
Brower Piven, A Professional Corporation
1925 Old Valley Road
Stevenson, Maryland 21153