Vista Outdoor Inc (NYSE: VSTO) Investor Securities Class Action Lawsuit 01/25/2017

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Company Name(s): 
Vista Outdoor
Case Name: 
Vista Outdoor Shareholder Class Action Lawsuit 01/25/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: VSTO
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
01/25/2017
Class Period Begin: 
08/11/2016
Class Period End: 
11/09/2017
Court of Filing: 
U.S. District Court for the District of Utah
Deadline To File for Lead: 
03/27/2017
Date Settled: 
07/09/2018
Settlement Amount: 
$6,250,000
Deadline to Participate in Settlement: 
11/26/2018
Summary: 

July 9, 2018 - The court preliminarily approved the settlement.

July 3, 2018 - Parties filed a stipulation of settlement.

February 22, 2018 - Defendants filed a motion to dismiss.

January 12, 2018 - The lead plaintiff filed a second amended complaint on behalf of investors who purchased Vista Outdoor Inc (NYSE: VSTO) common shares between August 11, 2016 and November 9, 2017. The lead plaintiff alleges that the defendants violated the Securities Exchange Act of 1934 by issuing false and misleading statements between August 11, 2016 and November 9, 2017.

October 23, 2017 - Defendants filed a motion to dismiss.

September 22, 2017 - The lead plaintiff filed an amended complaint.

July 3, 2017 - Lead plaintiff and lead counsel were appointed.

March 27, 2017 - Lead plaintiff motions were filed.

January 25, 2017 - An investor in shares of Vista Outdoor Inc (NYSE: VSTO) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Vista Outdoor Inc in connection with certain allegedly false and misleading statements made between August 11, 2016, and January 13, 2017.

According to the complaint the plaintiff alleges on behalf of purchasers of Vista Outdoor Inc (NYSE: VSTO) common shares between August 11, 2016, and January 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 11, 2016, and January 13, 2017, the 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, including that Vista Outdoor Inc was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity, that, as such, Vista Outdoor Inc was experiencing both revenue and gross margin declines, that, as a result of the foregoing, the Company would have to begin the impairment assessment for its Outdoor Products segment’s reporting units in the third quarter of 2017, rather than with the preparation of the Company’s fiscal year 2017 (“FY17”) annual financial statements, that, as a result, the Company would have to recognize an impairment charge in the range of $400 million to $450 million, and that, as a result of the foregoing, Defendants’ statements about Vista Outdoor Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.

Farmington, UT based Vista Outdoor Inc is a designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. Vista Outdoor Inc went public in January 2015.

Vista Outdoor Inc reported that its annual Total Revenue rose over $2.08 billion for the 52 weeks period that ended on March 31, 2015 to over $2.27 billion for the 53 weeks period that ended on March 31, 2016 and that its Net Income for the respective time periods increased from $79.53 million to $147.04 million.

Shares of Vista Outdoor Inc (NYSE: VSTO) reached $52.69 per share in April 2016, respectively $51.58 per share in August 2016.

On January 11, 2017, Vista Outdoor Inc (NYSE: VSTO) announced that it expects to record a material, non-cash intangible asset impairment charge in its Hunting and Shooting Accessories reporting unit in the third quarter of its Fiscal Year 2017. Vista Outdoor Inc (NYSE: VSTO) said that the Company's preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million.

Shares of Vista Outdoor Inc (NYSE: VSTO) declined to as low as $26.91 per share on January 19, 2017.