Newell Brands, Inc. (NYSE: NWL)
Hagens Berman Sobol Shapiro LLP alerts investors in Newell Brands, Inc. (NYSE: NWL) to the August 20, 2018 Lead Plaintiff deadline in the securities class action pending in the U.S. District Court for the District of New Jersey.
If you purchased or otherwise acquired shares of NWL between February 6, 2017 and January 24, 2018 and suffered losses contact Hagens Berman Sobol Shapiro LLP. For more information, contact Reed Kathrein, who is leading the firm's investigation, by calling 510-725-3000 or emailing NWL@hbsslaw.com.
The complaint charges Defendants with failing to inform investors early in the class period that Newell’s favorable financial performance was due to steep promotional discounts granted to the its customers that effectively loaded them up with excess inventory before the 2017 back-to-school season.
On November 2, 2017, Defendants announced disappointing 2017 third quarter results and blamed materially lower sales growth on customers who pulled back on order rates and rebalanced inventories. This news drove the price of Newell shares down $10.99, or about 27%, to close at $30.01 that day.
Later, on January 25, 2018, Defendants slashed anticipated 2017 core sales growth and announced Newell was exploring strategic restructuring options. This news drove the price of Newell shares down $6.42, or about 21%, to close at $24.81 that day.
“We’re focused on investors’ losses and whether Defendants engaged in improper ‘channel stuffing,’” said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Newell should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email NWL@hbsslaw.com.
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