LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased or otherwise acquired HD Supply Holdings, Inc. (“HD Supply” or the “Company”) (NASDAQ: HDS) securities between November 9, 2016 and June 5, 2017, inclusive (the “Class Period”). HD Supply investors have until September 11, 2017 to file a lead plaintiff motion.
Investors suffering losses on their HD Supply investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to firstname.lastname@example.org.
On June 6, 2017, HD Supply reported first quarter 2017 earnings that missed analyst estimates; disclosed the divestiture of one of its main business segments, “Waterworks,” which is the nation’s largest distributor of water, sewer, storm and fire protection products; and announced increased capital investments in its FM segment. Following these disclosures, HDS’s stock price fell $8.46 over two trading days, or over 20%, to close at $32.81 per share on June 7, 2017.
According to the Complaint filed in this class action, throughout the Class period, HD Supply made materially false and misleading statements about the Company’s compliance, operational and business policies. Specifically, the complaint alleges that the Company issued false and/or misleading statements and/or failed to disclose that: (1) HD Supply’s full year 2017 growth and operational leverage targets were unattainable; (2) the operational recovery of its Facilities Maintenance supply chain was not going according to plan; (3) the Company was exploring the sale of its Waterworks segment; (4) Defendant DeAngelo, with full knowledge of the undisclosed materially adverse facts alleged herein, embarked on a selling spree of personal holdings of HD Supply stock that netted him over $54 million in proceeds; and (5) as a result of the foregoing, Defendants’ statements about HD Supply’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
If you purchased shares of HD Supply during the Class Period you may move the Court no later than September 11, 2017 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 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 email@example.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.