The Law Offices of Howard G. Smith Reminds Investors of August 20th Deadline in the Class Action Lawsuit Against Newell Brands Inc. (NWL)
BENSALEM, Pa.--(BUSINESS WIRE)--Aug 17, 2018--Law Offices of Howard G. Smith reminds investors of the August 20, 2018 deadline to file a lead plaintiff motion in the class action filed on behalf of investors that purchased Newell Brands Inc. (“Newell” or the “Company) (NYSE: NWL ) securities between February 6, 2017 and January 24, 2018, inclusive (the “Class Period”). Newell investors have until August 20, 2018 to file a lead plaintiff motion.
Investors suffering losses on their Newell 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 email@example.com.
On January 25, 2018, Newell announced expected 2017 core sales significantly below previous guidance partly due to ongoing retailer inventory problems. The Company further disclosed that it was considering significantly restructuring Newell’s overall business by divesting industrial and commercial assets, resulting in a 50% reduction in its customer base and global factory and warehouse footprint. That same day, the Company disclosed the resignations of three members of its Board. On this news, shares of Newell fell $6.42, or 21% to close at $24.81 on January 25, 2018, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Newell Brands’ retail channel was loaded with extremely high levels of unsold Newell Brands product; (2) contrary to defendants’ representations, the build-up of Newell Brands inventory in the retail channel was due to Newell Brands-specific rather than macroeconomic reasons; (3) as a result of the unusually high levels of unsold inventory in the retail channel, Newell Brands was exposed to a heightened risk that it would experience slower sales growth in future periods; and (4) undisclosed managerial and cultural differences in the legacy Newell Brands and Jarden businesses had created significant internal discord that was having a material adverse effect on the Newell Brands’ operating performance.
If you purchased shares of Newell during the Class Period you may move the Court no later than August 20, 2018 to ask the Court to appoint you as lead plaintiff. 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, 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 firstname.lastname@example.org, or visit our website at www.howardsmithlaw.com.
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View source version on businesswire.com:https://www.businesswire.com/news/home/20180817005411/en/
CONTACT: Law Offices of Howard G. Smith
Howard G. Smith, Esquire
KEYWORD: UNITED STATES NORTH AMERICA PENNSYLVANIA
INDUSTRY KEYWORD: PROFESSIONAL SERVICES LEGAL
SOURCE: Law Offices of Howard G. Smith
Copyright Business Wire 2018.
PUB: 08/17/2018 04:02 PM/DISC: 08/17/2018 04:02 PM