Patterson Companies, Inc. (NASDAQ: PDCO)
On February 12, 2018, the United States Federal Trade Commission (“FTC”) announced it sued Patterson Companies and two other dental supply companies for illegally conspiring to restrain competition for dental products in the United States.
More specifically, the FTC charges the Company: (a) illegally restrained price competition for dental products in the United States; (b) distorted prices and undermined the ability of independent dentists to obtain lower prices and discounts for dental products; (c) deprived independent dentists of the benefits of vigorous price and service competition among full-service, national dental distributors; (d) unreasonably reduced output of dental products to dental buying groups; and (e) eliminated or reduced the competitive bidding process for sales to these buying groups.
This news drove the price of Patterson Companies shares down $1.71, or about 5%, to close at $31.21 on February 13, 2018.
Then, on March 1, 2018, Defendants announced its Chief Financial Officer left her position effective immediately.
This news drove the price of Patterson Companies shares down $7.48, or about 23%, to close at $24.11 that day.
“Patterson Companies investors have suffered enormous losses,” said Hagens Berman partner Reed Kathrein. “We’re focused on Defendants’ statements to investors about the Company’s revenues and purported industry competition.”
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