LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz announces an investigation of Stanley Black & Decker, Inc. (“Stanley” or the “Company”) (NYSE: SWK) on behalf of investors concerning the Company’s possible violations of federal securities laws.
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On April 28, 2022, Stanley disclosed that its net sales for its Tools and Outdoor segment had dropped in the first fiscal quarter of 2022 and that the Company was revising its earnings per share guidance for fiscal year 2022 in response. The Company also revealed that its gross margin for the quarter dropped “610 basis points from prior year as price realization was more than offset primarily by commodity inflation, higher supply chain costs to serve demand and lower volumes.”
On this news, Stanley’s stock price fell $12.01, or 8.6%, to close at $127.13 on April 28, 2022, thereby injuring investors.
Then, on July 28, 2022, before the market opened, Stanley released its second quarter 2022 financial results, disclosing that due to “significantly slower demand,” sales volumes had shrunk by double digits and that the Company’s net income at $87.6 million, compared to $459.5 million the year prior. Stanley also announced that it was cutting its 2022 earnings per share guidance by nearly half.
On this news, Stanley’s stock price fell $18.78, or 16.1%, to close at $98.58 per share on July 28, 2022, thereby injuring investors further.
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If you purchased Stanley securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of The Law Offices of Frank R. Cruz, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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