NEW YORK, Aug. 29, 2023 (GLOBE NEWSWIRE) -- Kaplan Fox & Kilsheimer LLP reminds investors that a complaint has been filed on behalf of purchasers of Hayward Holdings, Inc. (“Hayward” or the “Company”) (NYSE: HAYW) common stock between March 2, 2022 and July 27, 2022, inclusive (the “Class Period”). Click Here to Join Investigation.
If you acquired Hayward common stock during the Class Period and would like to discuss this case, please click here. You may also contact us by emailing pmayer@kaplanfox.com or calling (646) 315-9003.
If you are a member of the proposed Class, you may move the court no later than October 2, 2023 to serve as a lead plaintiff for the purported class. If you have losses, we encourage you to contact us to learn more about the lead plaintiff process.
Hayward is a global designer, manufacturer, and marketer of pool equipment and associated automated systems.
The complaint alleges that during the Class Period unbeknownst to investors, defendants engaged in a channel-stuffing scheme in order to artificially inflate the Company’s revenues and create the appearance of demand that far exceeded actual demand trends.
On July 28, 2022, Hayward announced financial results for the second fiscal quarter of 2022 that were deeply disappointing according to the complaint. Most notably, Hayward disclosed that the Company was expecting its channel partners to reduce their inventory on hand by approximately four to six weeks in the second half of 2022. As a result, the complaint alleges Hayward reduced its 2022 guidance to reflect a massive inventory reduction in the second half of the year. Additionally, according to the complaint, during an earnings call held that same day Hayward's CEO admitted that the inventory bottleneck traced back to inventory decisions made "at the end of 2021."
Following this news, the price of Hayward's common stock declined from a close of $13.71 per share on July 27, 2022 to a low of $10.48 per share during market trading on July 28, 2022, a nearly 24% decline on abnormally heavy volume of over 6 million shares.
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If you have any questions about this Notice, your rights, or your interests, please contact:
Pamela Mayer
KAPLAN FOX & KILSHEIMER LLP
800 Third Avenue, 38th Floor
New York, New York 10022
(646) 315-9003
E-mail: pmayer@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
1999 Harrison Street, Suite 1560
Oakland, California 94612
(415) 772-4704
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
