Did you lose money on investments in Stanley Black & Decker? If so, please visit Stanley Black & Decker, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@bernlieb.com to discuss your rights.
NEW YORK, May 15, 2023 (GLOBE NEWSWIRE) -- Bernstein Liebhard LLP, a nationally acclaimed investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a securities class action lawsuit that has been filed on behalf of investors who purchased or acquired the common stock of Stanley Black & Decker, Inc. (“Stanley” or the “Company”) (NYSE: SWK) between October 28, 2021 and July 28, 2022, inclusive (the “Class Period”). The lawsuit was filed in the United States District Court for the District of Connecticut and alleges violations of the Securities Exchange Act of 1934.
Stanley is a global manufacturer of, inter alia, hand tools, power tools, and outdoor products for consumer and commercial customers, as well as engineered fastening systems for industrial customers. Over the last few years, Stanley Black & Decker implemented a “corporate simplification” to spin off some of its business units and focus Company investments and attention into two main business segments: Tools & Outdoor, and Industrial.
Plaintiff alleges that Defendants made materially false and misleading statements throughout the Class Period. Specifically, Plaintiff alleges that Defendants failed to disclose that: (i) rising interest rates, inflation, and trends in returning to work away from home were quickly eroding then-heightened demand for Stanley’s tools and outdoor products; (ii) the heightened, extraordinary demand Stanley had enjoyed as a result of the COVID-19 pandemic in 2021 into 2022 was returning to 2019 pre-pandemic levels; (iii) Stanley’s operations were already showing signs of slowing demand; (iv) as a result of reorganization, share repurchasing, and dividend growth, Stanley lacked the cash to react with agility to changes in demand; and (v) as a result of Stanley’s inability to react to a sharp decline in demand, the Company’s results and metrics, particularly sales volume, were negatively impacted.
On the morning of April 28, 2022, Stanley issued a press release providing that “[n]et sales for the quarter were … partially offset by lower volume (-6%)[.]” Contemporaneously, Stanley also filed a Form 10-Q with the SEC detailing the Company’s financial and operating results for the first fiscal quarter ended April 2, 2022. Stanley disclosed in the 1Q Form 10-Q that net sales for the Company’s first quarter were “partially offset by a 6% … decrease from volume”, furtively indicating that demand was slowing.
On this news, the price Stanley’s stock declined $12.01 per share to close at $127.13 on April 28, 2022.
Then, on July 28, 2022, before the market opened, Stanley issued a press release reporting the Company’s financial and operational results for the second quarter 2022 ended July 2, 2022. The press release stated, in pertinent part, that “the macroeconomic environment—including inflation, rising interest rates and significantly slower demand in late May and June—drove the majority of the challenges we faced this quarter”; “the softening of the demand environment accelerated rapidly during the last portion of the quarter”; and that “[n]et sales for the quarter were … partially offset by lower volume (-13%).”
On this news, Stanley’s stock price declined $18.87, or more than 16%, to close at $98.58 per share on July 28, 2022.
If you wish to serve as lead plaintiff, you must move the Court no later than May 23, 2023. 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 or acquired Stanley common stock, and/or would like to discuss your legal rights and options please visit Stanley Black & Decker, Inc. Shareholder Class Action Lawsuit or contact Peter Allocco at (212) 951-2030 or pallocco@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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Contact Information:
Peter Allocco
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
pallocco@bernlieb.com
