NEW YORK, April 30, 2019 /PRNewswire/ -- Bernstein Litowitz
Berger & Grossmann LLP ("BLB&G") today announced that it
has filed a securities class action lawsuit on behalf of West Palm
Beach Firefighters' Pension Fund against Spectrum Brands Holdings,
Inc. ("Spectrum" or the "Company") (NYSE: SPB), and certain of the
Company's current and former senior executives (collectively,
"Defendants") in the federal district court for the Western
District of Wisconsin. The action, which is captioned West
Palm Beach Firefighters' Pension Fund v. Spectrum Brands Holdings,
Inc., et al., No. 19-CV-347 (W.D. Wis.), asserts claims under
Sections 10(b) and 20(a) of the Securities Exchange Act of 1934
(the "Exchange Act"), 15 U.S.C. §§ 78j(b) and 78t(a), and SEC Rule
10b-5 promulgated thereunder, 17
C.F.R. § 240.10b-5, on behalf of
investors who purchased Spectrum's publicly traded securities from
June 14, 2016 to November 16, 2018, inclusive (the "Class
Period"). A copy of the Complaint filed in the action is
available on BLB&G's website at www.blbglaw.com.
The Complaint expands the class period that was asserted in a
related action against Spectrum – Wagner v. Spectrum Brands
Legacy, Inc., et al., No. 19-CV-178 (W.D. Wis.)
("Wagner") – the first-filed securities class action in this
matter, which is presently pending before the Honorable James D.
Peterson. Per the notice published on March 7, 2019 in connection with the filing of
the Wagner action pursuant to the Private Securities
Litigation Reform Act of 1995, investors wishing to serve as Lead
Plaintiff are required to file a motion for appointment as Lead
Plaintiff by no later than May 6,
2019. BLB&G's filing of the West Palm Beach
Firefighters' Pension Fund complaint (the "Complaint") does not
alter that deadline.
The Complaint alleges that during the Class Period, Defendants
falsely stated that Spectrum was successfully executing on two
major capital projects consolidating the operations of its critical
Global Auto Care ("GAC") and Home & Hardware Improvement
("HHI") divisions. The Complaint alleges that Defendants
repeatedly told the market that the GAC and HHI consolidations were
progressing effectively and on schedule, and any issues were merely
temporary, transitory, and being quickly corrected. In truth,
Defendants knew that the GAC and HHI consolidations were suffering
from fundamental execution problems that were far more serious than
disclosed to investors.
On April 26, 2018, Spectrum
disclosed disappointing financial results for the second quarter of
2018 based on the poorly executed consolidation projects.
Former CEO Andreas Rouvé
resigned. Spectrum's stock price declined about 22.1%, from
$93.14 to $72.56 per share. Defendants immediately
represented that the problems at the GAC and HHI facilities were
being swiftly corrected.
Then, on November 16, 2018, the
Company disclosed another disastrous quarter driven by a
$92.5 million goodwill write
down for GAC, again because of the poorly executed
consolidations. Spectrum's stock price declined another 19%,
from $59.35 to $48.05 per share.
West Palm Beach Firefighters' Pension Fund is represented by
BLB&G, a firm of over 100 attorneys with offices in
New York, California, Louisiana, and Illinois. If you wish to
discuss this Action or have any questions concerning this notice or
your rights or interests, please contact Avi Josefson of BLB&G at 212-554-1493, or
via email at avi@blbglaw.com.
Since its founding in 1983, BLB&G has built an international
reputation for excellence and integrity. Specializing in
securities fraud, corporate governance, shareholders' rights,
employment discrimination, and civil rights litigation, among other
practice areas, BLB&G prosecutes class and private actions on
behalf of institutional and individual clients worldwide. Unique
among its peers, BLB&G has obtained several of the largest and
most significant securities recoveries in history, recovering
billions of dollars on behalf of defrauded investors. More
information about BLB&G can be found online at
www.blbglaw.com.
CONTACT:
Avi Josefson
Bernstein Litowitz Berger & Grossmann LLP
1251 Avenue of Americas, 44th Floor
New York, New York 10020
Telephone: (212) 554-1493
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SOURCE Bernstein Litowitz Berger & Grossmann LLP