AFI 4-DAY FILING DEADLINE: Bernstein Liebhard LLP Encourages Investors with Losses Exceeding $10,000 to Contact the Firm & Re...
January 10 2020 - 6:14PM
Business Wire
Bernstein Liebhard, a nationally acclaimed investor rights law
firm, reminds investors of the deadline to file a motion for lead
plaintiff in a securities class action on behalf of investors that
purchased or acquired the securities of Armstrong Flooring, Inc.
("Armstrong Flooring" or the "Company") (NYSE:AFI) between March 6,
2018 and November 4, 2019, inclusive (the "Class Period"). The
lawsuit filed in the United States District Court for the Central
District of California alleges violations of the Securities
Exchange Act of 1934.
If you purchased Armstrong Flooring securities, and/or would
like to discuss your legal rights and options please visit
Armstrong Flooring Shareholder Class Action or contact Matthew E.
Guarnero toll free at (877) 779-1414 or
MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout
the Class Period, Defendants made materially false and/or
misleading statements, as well as failed to disclose material
adverse facts about the Company's business, operations, and
prospects. Specifically, Defendants failed to disclose to
investors: (1) that the Company had engaged in channel stuffing to
artificially boost sales; (2) that the Company's internal control
over inventory levels was not effective; and (3) that, as a result
of the foregoing, Defendants' positive statements about the
Company's business, operations, and prospects, were materially
misleading and/or lacked a reasonable basis.
On May 3, 2019, Armstrong Flooring's Chief Executive Officer
abruptly resigned.
On this news, the Company's stock price fell $1.75, nearly 12%,
to close at $13.14 per share on May 3, 2019 on unusually heavy
trading volume.
Then, on November 5, 2019, before the market opened, Armstrong
Flooring reported $165.6 million net sales for third quarter 2019,
a nearly 21% decline year-over-year, and a net loss of $31.4
million. The Company also cut its full year 2019 guidance for
adjusted EBITDA to a range of $20 million to $25 million, from
prior guidance range of $46 million to $54 million, citing “larger
distributor movements on inventory” than anticipated.
On this news, the Company’s stock price fell $2.90 per share, or
nearly 44%, to close at $3.70 per share on November 5, 2019,
thereby injuring investors further.
If you purchased Armstrong Flooring securities, and/or would
like to discuss your legal rights and options please visit
https://www.bernlieb.com/cases/armstrongflooringinc-afi-shareholder-class-action-lawsuit-stock-fraud-221/apply/
or contact Matthew E. Guarnero toll free at (877) 779-1414
or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court
no later than January 14, 2020. A lead plaintiff is a
representative party acting on behalf of other class members in
directing the litigation. Your ability to share in any recovery
doesn’t require that you serve as lead plaintiff. If you choose to
take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5
billion for its clients. In addition to representing individual
investors, the Firm has been retained by some of the largest public
and private pension funds in the country to monitor their assets
and pursue litigation on their behalf. As a result of its success
litigating hundreds of lawsuits and class actions, the Firm has
been named to The National Law Journal’s “Plaintiffs’ Hot List”
thirteen times and listed in The Legal 500 for ten consecutive
years.
ATTORNEY ADVERTISING. © 2020 Bernstein Liebhard LLP. The law
firm responsible for this advertisement is Bernstein Liebhard LLP,
10 East 40th Street, New York, New York 10016, (212) 779-1414. The
lawyer responsible for this advertisement in the State of
Connecticut is Michael S. Bigin. Prior results do not guarantee or
predict a similar outcome with respect to any future matter.
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version on businesswire.com: https://www.businesswire.com/news/home/20200110005578/en/
Matthew E. Guarnero Bernstein Liebhard LLP
https://www.bernlieb.com (877) 779-1414 MGuarnero@bernlieb.com
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