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New York, New York--(Newsfile Corp. - January 9, 2020) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Quad/Graphics, Inc. (NYSE: QUAD) ("Quad/Graphics" or the "Company") of the January 6, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
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If you invested in Quad/Graphics stock or options between February 21, 2018 and October 29, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/QUAD. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com.
FARUQI & FARUQI, LLP
685 Third Avenue, 26th Floor
New York, NY 10017
Attn: Richard Gonnello, Esq.
Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Quad/Graphics securities between February 21, 2018 and October 29, 2019 (the "Class Period"). The case, Born et al v. Quad/Graphics, Inc. et al., No. 1:19-cv-10376 was filed on November 7, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company's book business in United States was underperforming; (2) that, as a result, the Company was likely to divest its book business; (3) that the Company was unreasonably vulnerable to decreases in market prices; and (4) that, to remain financially flexible while prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs.
On October 29, 2019, after the market closed, the Company slashed its quarterly dividend by 50% to $0.15 per share, announced plans to divest its book business, reported third quarter 2019 financial results, and lowered its fiscal 2019 guidance. Then, on October 30, 2019, the Company held a conference call with analysts and investors to discuss these results. During the call, Defendants Quadracci and Hanon attributed the disappointing performance to "lower market prices on paper byproduct recoveries," which would "impact full year 2019 adjusted EBITDA by at least $25 million."
On this news, the Company's share price fell from $11.27 per share on October 29, 2019 to $4.85 per share on October 30, 2019: a $6.42 or 56.97% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Quad/Graphics' conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
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