NEW YORK--(BUSINESS WIRE)--Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Coty Inc. (“Coty” or the “Company”) (NYSE: COTY) between October 3, 2016 and May 28, 2020 (the “Class Period”). The lawsuit filed in the United States District Court for the Southern District of New York alleges violations of the Securities Exchange Act of 1934.
If you purchased COTY securities, and/or would like to discuss your legal rights and options please visit Coty Shareholder Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The Complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and/or failed to disclose material adverse facts about Coty’s business, operations, and prospects. Specifically, Defendants misrepresented and/or failed to disclose: (1) that despite being no stranger to beauty brand acquisitions, Coty did not have adequate processes and procedures in place to assess and properly value the P&G Specialty Beauty Business and Kylie Cosmetics acquisitions; (2) that as a result, Coty had overpaid for the P&G Specialty Beauty Business and Kylie Cosmetics; (3) that Coty did not have adequate infrastructure to smoothly integrate and support the beauty brands that it acquired from P&G, including an adequate supply chain; (4) that, as a result of its inadequate infrastructure, Coty was not successfully integrating the beauty brands it acquired from P&G and not delivering synergies from the acquisition; (5) and that, as a result of the foregoing, Coty’s financial statements and Defendants’ statements about Coty’s business, operations, and prospects, were materially false and/or misleading at all relevant times.
The truth about the Company’s business, operations, and prospects began to emerge. On May 29, 2020, Forbes reported that Kylie Jenner had been “inflating the size and success of her [Kylie Cosmetics] business. For years.” – revealing that Defendants had overvalued yet another acquisition.
On this news, Coty stock prices fell $0.56, or over 13%, from a close of $4.19 on May 28, 2020 to a close of $3.63 per share on May 29, 2020 on heavy volume.
If you wish to serve as lead plaintiff, you must move the Court no later than November 3, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn’t require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
If you purchased Coty securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/cotyinc-coty-shareholder-class-action-lawsuit-stock-fraud-304/apply or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal’s “Plaintiffs’ Hot List” thirteen times and listed in The Legal 500 for ten consecutive years.
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