BENSALEM, Pa., May 06, 2019 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith reminds investors of the upcoming May 6, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Spectrum Brands Legacy, Inc. f/k/a Spectrum Brands Holdings, Inc. (“Spectrum” or the “Company”) (NYSE: SPB) securities between June 14, 2016 and April 25, 2018, inclusive (the “Class Period”).
Investors suffering losses on their Spectrum investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On April 26, 2018, Spectrum announced its 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. On this news, shares of Spectrum fell $20.50, or nearly 22%, to close at $72.22 per share on April 26, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operational and compliance policies. 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.
If you purchased shares of Spectrum during the Class Period you may move the Court no later than May 6, 2019 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, 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 www.howardsmithlaw.com.
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