SAN DIEGO & ST. PAUL, Minn.--(BUSINESS WIRE)--Shareholder rights law firm Robbins Arroyo LLP announces that purchasers of Patterson Companies, Inc. (NasdaqGS: PDCO) have filed a class action complaint against the company's officers and directors for alleged violations of the Securities Exchange Act of 1934 between June 26, 2015 and February 28, 2018. Patterson distributes and sells dental and animal health products in the United States, the United Kingdom, and Canada.
View this information on the law firm's Shareholder Rights Blog: www.robbinsarroyo.com/patterson-companies-inc
Patterson Accused of Engaging in Price Fixing Scheme
According to the complaint, Patterson colluded with its two largest competitors, Henry Schein, Inc. ("Schein") and Benco Dental Supply Co. ("Benco") to fix the prices of dental supply products to buying groups or group purchasing organizations ("GPOs") that represented small and individual dental practices. In so doing, Patterson, Schein and Benco instructed their sales forces to refuse to sell products to or provide any discounts to GPOs unless the GPOs agreed to margins set collectively by the companies. The truth behind Patterson's financial status began to come to light on February 12, 2018, when the Federal Trade Commission filed an administrative complaint against Patterson, Schein and Benco alleging that the companies violated U.S. antitrust laws. On March 1, 2018, Patterson announced that its Chief Financial Officer was stepping down, and a 26% decrease in earnings and cut its full year guidance, citing "changes in the Company's sales organization" and "disruptions in its sales force." Since news of Patterson's misconduct became public, its stock price has dropped over 35% to close at $21.40 per share on April 2, 2018.
Patterson Shareholders Have Legal Options
If you would like more information about your rights and potential remedies, contact attorney Leonid Kandinov at (800) 350-6003, LKandinov@robbinsarroyo.com, or via the shareholder information form on the firm's website.
Robbins Arroyo LLP is a nationally recognized leader in shareholder rights law. The firm represents individual and institutional investors in shareholder derivative and securities class action lawsuits, and has helped its clients realize more than $1 billion of value for themselves and the companies in which they have invested.
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