NEW YORK--(BUSINESS WIRE)--Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of the securities of JELD-WEN Holding, Inc. (NYSE: JELD) between January 26, 2017 and October 15, 2018, inclusive (the “Class Period”). The lawsuit seeks to recover damages for JELD-WEN investors under the federal securities laws.
To join the JELD-WEN class action, go to http://www.rosenlegal.com/cases-register-1783.html or call Phillip Kim, Esq. toll-free at 866-767-3653 or email pkim@rosenlegal.com or cases@rosenlegal.com for information on the class action.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY RETAIN COUNSEL OF YOUR CHOICE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. AN INVESTOR’S ABILITY TO SHARE IN ANY POTENTIAL FUTURE RECOVERY IS NOT DEPENDENT UPON SERVING AS LEAD PLAINTIFF.
The Complaint alleges that throughout the Class Period, defendants engaged in a scheme to defraud and made materially false and misleading statements, as well as failed to disclose material adverse facts, regarding the Company's business, operations, growth prospects, and competitive positioning. Specifically, defendants stated that: (1) Jeld-Wen products, including doors, compete against other manufacturers on price, and described the market in which the Company sells its doors as "highly competitive"; and (2) Jeld-Wen's strong margins and anticipated margin growth were attributed to legitimate business factors, such as "making strategic pricing decisions based on an analysis of customer and product level profitability" and increasing its emphasis on "pricing optimization." These and similar statements made by defendants during the Class Period were false and misleading because defendants knew that Jeld-Wen was engaged in a price-fixing conspiracy with another door manufacturer to artificially increase or maintain prices of interior molded doors. As a result of defendants' misrepresentations, shares of Jeld-Wen's common stock traded at artificially inflated prices throughout the Class Period.
On October 15, 2018, after the market closed, Jeld-Wen announced that the Company expected its third quarter 2018 financial results to include a $76.5 million charge related to an ongoing litigation regarding Jeld-Wen’s anticompetitive behavior. The Company also announced the resignation of its CFO, Brooks Mallard. In response to these disclosures, Jeld-Wen's stock price declined from $21.31 per share to $17.28 per share, on high trading volume, a decline of 19%.
A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than April 20, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, go to http://www.rosenlegal.com/cases-register-1783.html or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. of Rosen Law Firm toll free at 866-767-3653 or via e-mail at pkim@rosenlegal.com or cases@rosenlegal.com.
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Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 3 each year since 2013. Rosen Law Firm has secured hundreds of millions of dollars for investors. Attorney advertising. Prior results do not guarantee a similar outcome.