STEVENSON, Md.--(BUSINESS WIRE)--The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of Newell Brands, Inc. (NYSE: NWL) (“Newell” or the “Company”) securities during the period between February 6, 2017 and January 24, 2018, inclusive (the “Class Period”). Investors who wish to become proactively involved in the litigation have until August 20, 2018 to seek appointment as lead plaintiff.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Newell securities during the Class Period. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that Newell’s retail channel was loaded with extremely high levels of unsold Newell product, the build-up of Newell inventory in the retail channel was due to Company-specific rather than macroeconomic reasons, Newell was exposed to a heightened risk that it would experience slower sales growth in future periods, and managerial and cultural differences in the legacy Newell and Jarden Corporation (“Jarden”) businesses had created significant internal discord that was having a material adverse effect on the Company’s operating performance.
According to the complaint, following a November 2, 2017 announcement of poor 2017 third quarter financial results due to retailers pulling back on order rates and rebalanced inventories, and a January 25, 2018 announcement that Newell expected 2017 core sales growth of roughly 0.8% compared to the previous forecast of 1.5% to 2.0% due to retailer inventory destocking and that three of its board members had stepped down, the value of Newell shares declined significantly.
If you have suffered a loss in excess of $100,000 from investment in Newell securities purchased on or after February 6, 2017 and held through the revelation of negative information during and/or at the end of the Class Period and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please contact Brower Piven either by email at firstname.lastname@example.org or by telephone at (410) 415-6616.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.