BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith announces that a class action lawsuit has been filed on behalf of investors who purchased Performance Sports Group Ltd. (“Performance Sports Group” or the “Company”) (NYSE: PSG) securities between August 27, 2015 and March 7, 2016, inclusive (the “Class Period”). Performance Sports Group investors have until May 17, 2016 to file a lead plaintiff motion.
Investors who suffered losses on their Performance Sports Group investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to firstname.lastname@example.org.
On March 8, 2016, the Company issued a press release disclosing that the Company had revised its fiscal year 2016 Adjusted EPS guidance by approximately $0.55 per share from $0.66 to $0.69 per diluted share to approximately $0.12 to $0.14 per diluted share. The Company attributed the reduced guidance to “(i) a write down of the receivable balance from a U.S. national sporting goods retailer that has filed under chapter 11 and the related anticipated loss of sales from this retailer ($0.09 per share); (ii) an anticipated reduction in sales, particularly due to weakness in the baseball/softball market ($0.31 per share); and (iii) additional bad debt reserves primarily for certain U.S. hockey customers and the related anticipated loss of sales from such customers ($0.19 per share).” On this news, the Company’s shares fell $5.75 per share, or 66.4%, to close at $2.91 on March 8, 2016, thereby injuring investors. And, on March 22, 2016, the Company’s CEO, Kevin Davis, resigned from his position amid alleged disagreements with the Board of Directors and the former Company chairman, W. Graeme Roustan.
If you purchased shares of Performance Sports Group during the Class Period you may move the Court no later than May 17, 2016 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at (215) 638-4847, toll-free at (888) 638-4847, or by email to email@example.com, or visit our website at http://www.howardsmithlaw.com.
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