Spectrum Brands Holdings, Inc. (NYSE: SPB) Investor Securities Class Action Lawsuit 03/07/2019

If you purchased a significant amount of shares of Spectrum Brands Holdings, Inc. (NYSE: SPB) between June 14, 2016 and April 25, 2018, and / or if you purchased any NYSE: SPB shares prior to June 2016 and continue to hold any of those shares, you have certain options and for certain investors are short and strict deadlines running. Deadline: May 6, 2019. NYSE: SPB investors should contact the Shareholders Foundation, Inc.

To have your information reviewed for options and to recieve notifications about this case, please use this form. You may also send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Company Name(s): 
Spectrum Brands
Case Name: 
Spectrum Brands Shareholder Class Action Lawsuit 03/07/2019
Case Status: 
Lawsuit Filed
Affected Securities
NYSE: SPB
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
03/07/2019
Class Period Begin: 
06/14/2016
Class Period End: 
04/25/2018
Court of Filing: 
U.S. District Court for the Western District of Wisconsin
Deadline To File for Lead: 
05/06/2019
Summary: 

An investor in shares of Spectrum Brands Holdings, Inc. (NYSE: SPB) filed a lawsuit in the U.S. District Court for the Western District of Wisconsin over alleged violations of Federal Securities Laws by Spectrum Brands Legacy, Inc. (f/k/a Spectrum Brands Holdings, Inc) in connection with certain allegedly false and misleading statements made between June 14, 2016 and April 25, 2018.

Middleton, WI based Spectrum Brands Holdings, Inc., through its subsidiaries, operates as a branded consumer products company that manufactures, markets, and distributes branded consumer products.

Spectrum Brands Holdings, Inc. reported that its Total Revenue declined from over $3.03 billion for the 12 months period that ended on September 30, 2016 to over $3.01 billion for the 12 months period that ended on September 30, 2017 and that its Net Loss of $198.8 million for the 12 months period that ended on September 30, 2016 turned to a Net Income of $106 million for the 12 months period that ended on September 30, 2017.

On April 26, 2018, Spectrum Brands Holdings, Inc disclosed its second quarter 2018 results, and that the Company had lowered its fiscal year 2018 adjusted EBITDA guidance from $657-$674 million to $600-$617. In the same announcment, Spectrum Brands Holdings, Inc announced that Executive Chairman David M. Maura was named Chief Executive Officer, effective immediately. Maura stated that the Company faced "challenges related to our two greenfield manufacturing and distribution projects."

Shares of Spectrum Brands Holdings, Inc. (NYSE: SPB) declined from $118.33 per share in early 2018 to as low as $66.79 per share on April 27, 2018.

According to the complaint the plaintiff alleges on behalf of purchasers of Spectrum Brands Holdings, Inc. (NYSE: SPB) common shares between June 14, 2016 and April 25, 2018

, that the defendants violated Federal Securities Laws.

More specifically, the plaintiff claims that between June 14, 2016 and April 25, 2018, Spectrum Brands Holdings misrepresented and failed to disclose that Spectrum Brands Holdings had been self-inflicting the operational issues at its Ohio and Kansas facilities, that these operational issues were, in fact, recurring in nature, that these operational issues would continuously impact production, shipping levels and sales, and thatas a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.