Spectrum Brands Legacy, Inc. (f/k/a Spectrum Brands Holdings, Inc.) Securities Litigation

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Lawsuit Overview

Defendant:Spectrum Brands Holdings, Inc.
Date Filed:March 7th, 2019
Industry:Industrial Machinery/Components
Class Start Date:June 14th, 2016
Class End Date:November 16th, 2018

According to the law firm press release, the complaint alleges that Spectrum misrepresented and failed to disclose that: (i) Spectrum had been self-inflicting the operational issues at its Ohio and Kansas facilities; (ii) these operational issues were, in fact, recurring in nature; (iii) these operational issues would continuously impact production, shipping levels and sales; and (iv) as a result of the foregoing, the Company's financial statements were materially false and misleading at all relevant times.

On April 26, 2018, Spectrum issued a press release announcing its financial and operating results for the second fiscal quarter ended April 1, 2018, reporting a net income of $0.8 million compared to net income of $39.9 million in the previous year's comparable quarter. The same day, Spectrum announced that its CEO was stepping down, effective immediately. Following this news, shares of Spectrum fell from a close of $94.23 per share on April 24, 2018, to a close of $75.01 per share the following day.

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First Identified Complaint

Earl S. Wagner, et al. v. Spectrum Brands Legacy, Inc., et al.

Date Filed:March 7th, 2019
Class Period Start:June 14th, 2016
Class Period End:April 25th, 2018
First Identified Complaint Filings
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