INVESTOR ALERT: Class Action Lawsuit Against Ply Gem Holdings, Inc. Announced By Glancy Binkow & Goldberg LLP
LOS ANGELES--(BUSINESS WIRE)--Glancy Binkow & Goldberg LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the common stock of Ply Gem Holdings, Inc. (“Ply Gem” or the “Company”) (NYSE:PGEM) pursuant or traceable to the Company's May 22, 2013, initial public offering.
Please contact us at (646) 539-8980, or at email@example.com to discuss this matter. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
Ply Gem, together with its subsidiaries, manufactures and sells residential and commercial building products including siding, fencing, windows and doors, primarily in the United States and Canada. The Complaint alleges that the Registration Statement and Prospectus issued in connection with the IPO negligently failed to disclose certain material events that caused the financial information reported in the Registration Statement to be misleading. These material events included, among others: (1) Ply Gem’s agreement to buy back certain inventory from The Home Depot, Inc. (“Home Depot”) as part of a new supply agreement between the two companies, and that the agreement required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin products; (2) on-going labor inefficiencies and other costs associated with the initial roll out of lower-priced, lower-margin products to Home Depot; and (3), that high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem's siding products in April 2013 and May 2013.
If you are a member of the Class described above, you may move the Court no later than July 18, 2014, to serve 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 have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at (646) 539-8980, or Gregory Linkh, Esquire, at (212) 682-5340, of Glancy Binkow & Goldberg LLP, 122 E. 42nd Street, Suite 2920, New York, New York 10168, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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