NEW YORK--(BUSINESS WIRE)--Scott+Scott Attorneys at Law LLP (“Scott+Scott”), a national shareholder and consumer rights litigation firm, announces to investors that a federal securities class action has been filed against Patterson Companies, Inc. (“Patterson” or the “Company”) (NASDAQ:PDCO) and certain of its officers and directors. If you purchased Patterson securities between June 26, 2015 and February 28, 2018, inclusive, you are encouraged to contact a Scott+Scott attorney at (844) 818-6980 for more information. The lead plaintiff deadline is May 29, 2018.
Patterson is one of the nation’s only full-service distributors of dental products.
The lawsuit alleges that Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about Patterson’s business, operations, and prospects. Specifically, that: (1) Defendants were engaged in a fraudulent and illegal price-fixing conspiracy; (2) the Company’s revenue and earnings were fraudulently inflated by the illegal scheme; (3) the scheme was aimed at prohibiting sales to and price negotiations by group purchasing organizations (“GPOs”) that represented small and independent dental practices; (4) as a result of the foregoing, Defendants' statements about Patterson's business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
On February 12, 2018, the Federal Trade Commission (“FTC”) announced that it filed a complaint against Patterson and two other dental supply companies, alleging that the companies violated United States antitrust laws by conspiring to refuse to provide discounts to or otherwise negotiate with buying groups.
On news of the FTC complaint, Patterson’s share price fell 5.19% on February 13, 2018.
Then, on March 1, 2018, Patterson announced that its Chief Financial Officer was stepping down and downwardly revised its fiscal 2018 earnings guidance.
On this news, the price of Patterson stock fell 23.65%.
What You Can Do
If you purchased Patterson securities between June 26, 2015 and February 28, 2018, inclusive, or if you have questions about this notice or your legal rights, please contact attorney Rhiana Swartz at (844) 818-6980, or at firstname.lastname@example.org.
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.