HENDERSONVILLE, TN / ACCESSWIRE / July 18, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds shareholders that purchasers of Newell Brands Inc. (NWL) filed a shareholder derivative complaint against the company's officers and directors for breaches of their fiduciary duties from February 6, 2017 through the present. Newell designs, manufactures, sources, and distributes consumer and commercial products worldwide.
Newell Accused of Hiding Truth Behind Sales Decline
According to the complaint, Newell failed to disclose that the company's retail channel was loaded with extremely high levels of unsold product. On November 2, 2017, Newell announced that its core sales growth was below Wall Street estimates because "retailers were pull[ing] back on order rates and rebalanced inventories" in order to reduce previously undisclosed buildup of inventory in the retail channel. On January 25, 2018, Newell announced that its estimated core sales growth for fiscal year 2017 would be 0.8%, below previously issued guidance of 1.5% to 2.0%. Newell further indicated that the company was considering a divestiture that would result in a 50% reduction in both Newell's customer base and its global factory and warehouse footprint. On this news, Newell's stock fell nearly 21% to close at $24.81 per share on January 25, 2018, and has yet to recover from this decline. The stock has continued to decline and currently trades at just $14.85.
If you purchased Newell 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 Timothy L. Miles, Esquire, at 615-587-7384, Toll-Free at 855-846-6529, or by email to [email protected]. If you inquire by email please include your mailing address, telephone number, and the number and dates of shares purchased.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney from Nashville, Tennessee. Mr. Miles maintains the AV Preeminent Rating by Martindale-Hubbell, their highest rating for both legal ability and ethics, and is a is a member of the prestigious Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association, and is also a supurb rated attorney by Avvo, and the only class action lawyer in Nashville with an Avvo rating of 10, their highest rating available. Awards: Member of the Top 100 Civil Plaintiff Trial Lawyers: The National Trial Lawyers Association (2017-2019); AV® Preeminent™ Rating by Martindale-Hubble® (2014-2019); PRR AV Preeminent Rating on Lawyers.com (2017 & 2019); The Top-Rated Lawyer in Litigation™ for Ethical Standards and Legal Ability (Martindale-Hubble® 2015); Superb Rated Attorney (Avvo); Avvo Top Rated Lawyer for 2017 & 2018 (Avvo); Distinguished Lawyer (Lawyers of Disinction, 2019); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
CONTACT:
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Telephone: (855-846-6529)
Email: [email protected] Website: www.timmileslaw
SOURCE: The Law Offices of Timothy L. Miles