Robbins Arroyo LLP: Spectrum Brands Holdings Inc. (SPB) Sued for Misleading Shareholders
SAN DIEGO & MIDDLETON, Wis.--(BUSINESS WIRE)--Mar 21, 2019--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Spectrum Brands Holdings Inc. (NYSE: SPB) filed a class action complaint against the company for alleged violations of the Securities and Exchange Act of 1934 between June 14, 2016 and April 25, 2018. Spectrum Brands is a consumer products company manufacturing, marketing, and distributing a variety of products in approximately 160 countries.
View this information on the law firm’s Shareholder Rights Blog: https://www.robbinsarroyo.com/spectrum-brands/
Spectrum Brands Accused of Inflating Stock Price
According to the complaint, Spectrum Brands assured investors of its progress with its improvement initiatives, which included the development of its Ohio and Kansas facilities, since 2017. While telling investors that the distribution centers were on track to help reduce expenses and inventory, Spectrum Brands failed to mention the self-inflicting, recurring operational issues in those facilities. Previous CEO Andreas Rouve repeatedly downplayed the glitches regarding the construction and operation of the distribution centers. However, the truth was revealed in an April 2018 conference call when new CEO David Maura admitted to long term problems with the facilities and the prolonged recovery period. On this news, Spectrum Brands’ stock fell approximately 20%, to close at $75.01 per share on April 26, 2018. Since then, the stock has continued to plummet and now trades significantly below the stock’s class period high.
Spectrum Brands Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Leo Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm’s website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
Attorney Advertising. Past results do not guarantee a similar outcome.
View source version on businesswire.com:https://www.businesswire.com/news/home/20190321005559/en/
CONTACT: Leo Kandinov
Robbins Arroyo LLP
5040 Shoreham Place
San Diego, CA 92122
(619) 525-3990 or Toll Free (800) 350-6003
KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA WISCONSIN
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Robbins Arroyo LLP
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PUB: 03/21/2019 12:25 PM/DISC: 03/21/2019 12:25 PM