NEW YORK, June 22, 2018 (GLOBE NEWSWIRE) — Bragar Eagel & Squire, P.C. announces that a class action lawsuit has been filed in the U.S. District Court for the District of New Jersey on behalf of all persons or entities who purchased or otherwise acquired Newell Brands, Inc. (NYSE:NWL) securities between February 6, 2017 and January 24, 2018 (the “Class Period”). Investors have until August 20, 2018 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The complaint alleges that during the Class Period, members of the Board made materially false and misleading statements and/or failed to disclose adverse information regarding Newell’s business and prospects. Specifically, defendants misrepresented and/or failed to disclose the following adverse facts, among others: (i) the Company’s retail channel was loaded with extremely high levels of unsold Newell product; (ii) contrary to defendants representations, the build-up of Newell inventory in the retail channel was due to Company-specific rather than macroeconomic reasons; (iii) as a result of the unusually high levels of unsold inventory in the retail channel, Newell was exposed to a heightened risk that it would experience slower sales growth in future periods; and (iv) undisclosed managerial and cultural differences in the legacy Newell and Jarden businesses had created significant internal discord that was having a material adverse effect on the Company’s operating performance.
On November 2, 2017, Newell announced disappointing 2017 third quarter financial results. Following this news, the price of Newell stock fell approximately 27%, or $10.99 per share, to close at $30.01 per share. Then, on January 25, 2018, Newell announced that three members of its Board had resigned. In response to these revelations, the price of Newell common stock fell approximately 21%, or $6.42 per share, to close at $24.81 per share on January 25, 2018.
If you purchased Newell Brands securities during the Class Period or continue to hold shares purchased before the Class Period, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at email@example.com, or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
Bragar Eagel & Squire, P.C. is a New York-based law firm concentrating in commercial and securities litigation. For additional information concerning the Newell Brands, Inc. lawsuit, please go to https://bespc.com/newell/. For additional information about Bragar Eagel & Squire, P.C., please go to www.bespc.com.