NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, is investigating whether Patterson Companies, Inc. (“Patterson” or the “Company”) (NASDAQ:PDCO) or certain of its officers and directors violated federal securities laws. If you purchased Patterson securities, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information.
Patterson is a value-added specialty distributor serving the U.S. and Canadian dental supply markets and the U.S., Canadian and U.K. animal health supply markets.
On February 12, 2018, the Federal Trade Commission (“FTC”) announced that it filed a complaint against Patterson and two other dental supply companies, Benco Dental Supply Company and Henry Schein, Inc. The complaint alleges that the three companies violated United States antitrust laws by conspiring to refuse to provide discounts to or otherwise negotiate with buying groups seeking to obtain supply agreements on behalf of groups of solo practitioners or small group dental practices. This alleged conspiracy sought to prevent price competition for the business of independent dentists purchasing through buying groups, and the erosion of prices charged to such independent dentists if buying groups became more prevalent.
On news of the FTC complaint, Patterson’s share price fell 5.19% on February 13.
Then, on March 1, 2018, Patterson released its third quarter financial results. The Company revised its fiscal 2018 earnings guidance from continuing operations to a range of $2.13 to $2.18 per share. On an adjusted basis, earnings are now expected to be in a range of $1.65 to $1.70 per share – down from $2.00 to $2.10 previously (an 18% reduction at the midpoint).
On this news, the price of Patterson stock fell 23.65%, from $31.58 to $24.11.
What You Can Do
If you purchased Patterson securities, and you wish to discuss this investigation, please contact attorney Rhiana Swartz at (844) 818-6980, or at rswartz@scott-scott.com.
About Scott+Scott Attorneys at Law LLP
Scott+Scott has significant experience in prosecuting major securities, antitrust, and employee retirement plan actions throughout the United States. The firm represents pension funds, foundations, individuals, and other entities worldwide with offices in New York, London, Connecticut, California, and Ohio.
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