LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May 17, 2016 deadline to file a lead plaintiff motion in the class action filed on behalf of a class (the “Class”) 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”). Investors that have suffered losses on their investment in Performance Sports Group securities and wish to take an active role in this lawsuit are encouraged to contact Lesley Portnoy, Esquire.
The complaint alleges that the Company failed to adequately inform investors that material issues to Performance Sports Group’s revenue growth and profitability were looming; as a result of several customer bankruptcies that shrunk the retail outlets for the Company’s sports products.
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.
GPM represents institutional and retail investors in securities class actions throughout the country, and has recovered millions of dollars on behalf of investors.
If you purchased Performance Sports Group shares, you may move the Court no later than May 17, 2016 to request appointment as lead plaintiff. 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 Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email 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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