NEW YORK--(BUSINESS WIRE)--The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of those who acquired Quad/Graphics, Inc. (“Quad/Graphics” or the “Company”) (NYSE: QUAD) during the period from February 21, 2018 through October 29, 2019. Investors have until January 6, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
The lawsuit alleges that Quad/Graphics failed to disclose to investors that: (i) the Company’s book business in the U.S. was underperforming; (ii) as a result, the Company was likely to divest its book business; (iii) the Company was unreasonably vulnerable to decreases in market prices; and (iv) to remain financially flexible while market prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs.
On October 29, 2019, the Company slashed its quarterly dividend by 50% to $0.15 per share, announced plans to divest its book business, reported third quarter 2019 financial results, and lowered its fiscal 2019 guidance. On this news, the price of Quad/Graphics’ shares fell $6.42 per share, or nearly 57%, to close at $4.85 on October 30, 2019.
If you are a shareholder of Quad/Graphics, have information, or would like to learn more about these claims, please contact Thomas W. Elrod of Kirby McInerney LLP at 212-371-6600, by email at email@example.com, or by filling out this contact form, to discuss your rights or interests with respect to these matters without any cost to you.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, and whistleblower litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website: www.kmllp.com.
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