The Law Offices of Timothy L. Miles
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SHAREHOLDER REMINDER: Securities Class Action Filed Against Spectrum Brands Holdings Inc.; The Law Offices of Timothy L. Miles Encourages Spectrum Shareholder to Contact the Firm
Saturday, August 3, 2019 8:45 AM
HENDERSONVILLE, TN / ACCESSWIRE / August 3, 2019 / The Law Offices of Timothy L. Miles, who has been leading the fight to protect shareholder rights for over 18 years, reminds investors that there have been class action lawsuits filed against Spectrum Brands Holdings Inc. ("Spectrum" or the "Company") (NYSE:SPB) and certain of its officers accusing the Company of inflating the stock price and asserting alleged violations of the Securities and Exchange Act of 1934 between June 14, 2016 and November 16, 2018. Spectrum is a consumer products company manufacturing, marketing, and distributing a variety of products in approximately 160 countries.
Spectrum’s Officers Accused of Misleading Shareholders and Inflating Stock Price
According to the complaint, between 2016 and 2018, Spectrum had been falsely reassuring investors of its progress with its improvement initiatives, which included the development of its Ohio and Kansas distribution centers. While telling investors that the distribution centers were on track to help reduce expenses and inventory, Spectrum failed to mention the self-inflicting, recurring operational issues in those facilities. Former CEO Andreas Rouve repeatedly downplayed the glitches regarding the construction and operation of the distribution. However, the truth was revealed in an April 2018 conference call when new CEO David Maura admitted to long term problems with the facilities and the prolonged recovery period. On this news, Spectrum's stock fell approximately 20, to close at $75.01 per share on April 26, 2018. Then, in November 2018, Spectrum announced a $92.5 million goodwill write down stemming from the inadequately performed consolidation projects. On this news, Spectrum's stock fell another 19%. Since then, the stock has continued to fall and trades significantly below the stock's class period high.
The Law Offices of Timothy L. Miles Encourages Spectrum Shareholders to Contact the Firm
If you purchased Spectrum securities, have information, or would like to learn more about these claims, or have any questions fe 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 shares owned.
About Timothy L. Miles
Timothy L. Miles is a nationally recognized shareholder rights attorney born and raised in 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, is also a superb 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); America's Most Honored Professionals 2018 - Top 1% (The American Registry 2016-2018).
Timothy L. Miles, Esq.
Law Offices of Timothy L. Miles
124 Shiloh Ridge
Hendersonville, TN 37075
Email: [email protected] Website: www.timmileslaw.com
SOURCE: The Law Offices of Timothy L. Miles