NEW YORK, Jan. 02, 2020 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Armstrong Flooring, Inc (NYSE: AFI), Wanda Sports Group Company Limited (NASDAQ: WSG), Canopy Growth Corporation (NYSE: CGC), and Energy Transfer LP (NYSE: ET). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.
Armstrong Flooring, Inc. (NYSE: AFI)
Class Period: March 6, 2018 to November 4, 2019
Lead Plaintiff Deadline: January 14, 2020
On May 3, 2019, Armstrong Flooring’s Chief Executive Officer abruptly resigned.
On this news, the Company’s stock price fell $1.75, nearly 12%, to close at $13.14 per share on May 3, 2019.
Then, on November 5, 2019, Armstrong Flooring reported $165.6 million net sales for third quarter 2019, a nearly 21% decline year-over-year, and a net loss of $31.4 million. The Company also cut its full year 2019 guidance for adjusted EBITDA to a range of $20 million to $25 million, from prior guidance range of $46 million to $54 million, citing “larger distributor movements on inventory” than anticipated.
On this news, the Company’s stock price fell $2.90 per share, or nearly 44%, to close at $3.70 per share on November 5, 2019.
The complaint, filed on November 15, 2019, alleges that throughout the Class Period defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company had engaged in channel stuffing to artificially boost sales; (2) that the Company’s internal control over inventory levels was not effective; and (3) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
For more information on the Armstrong Flooring class action go to: https://bespc.com/afi
Wanda Sports Group Company Limited (NASDAQ: WSG)
Class Period: Securities purchased pursuant and/or traceable to the registration statement and related prospectus (collectively, the "Registration Statement") issued in connection with Wanda Sports’ July 26, 2019 initial public offering (“IPO”).
Lead Plaintiff Deadline: January 17, 2020
In July 2019, Wanda Sports held its IPO, issuing approximately 23.8 million American Depository Shares (“ADSs”) at $8.00 per share, pursuant to the Registration Statement. Wanda Sports’ shares have lost nearly 60% of their value, closing at $2.78 on November 18, 2019.
The complaint, filed on November 18, 2019, alleges that defendants made statements that were materially false and/or misleading because they misrepresented and failed to disclose the following adverse facts pertaining to the Company’s business, operations and prospects: (1) the lack of major sporting events for its DPSS and Spectator Sports segments for its second quarter of 2019, ending before the IPO, would negatively impact revenue for the second quarter of 2019; (2) Wanda Sports had suffered a year-over-year decrease in revenue in its second quarter ended June 30, 2019 and would for its fiscal year 2019, primarily related to lower reimbursement revenues accounted for in its DPSS segment and lack of Spectator Sport segment offsets; and (3) as a result, defendants’ statements about the Company’s business, operations, and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Wanda Sports class action go to: https://bespc.com/wsg
Canopy Growth Corporation (NYSE: CGC)
Class Period: Securities purchased between June 21, 2019 and November 13, 2019 on the New York Stock Exchange.
Lead Plaintiff Deadline: January 20, 2020
On November 14, 2019, before the market opened, the Company issued a press release announcing their earnings for the second quarter of fiscal year 2020, posting a larger-than-expected loss for the quarter. The Company announced it would be modifying its retail pricing architecture and taking a CA$32.7 million restructuring charge.
On this news, shares of Canopy fell $2.36 per share or nearly 14.4% to close at $15.84 per share on November 14, 2019, damaging investors.
The complaint, filed on November 21, 2019, alleges that throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company was experiencing weak demand for its softgel and oil products; (2) as a result, the Company would be forced to take a CA$32.7 million restructuring charge due to poor sales, excessive returns, and excess inventory; and (3) due to the foregoing, defendants’ statements about Canopy’s receivables, business, operations, and prospects, were materially false and misleading and/or lacked a reasonable basis at all relevant times.
For more information on the Canopy Growth class action go to: https://bespc.com/cgc
Energy Transfer LP (NYSE: ET)
Class Period: February 25, 2017 to November 11, 2019
Lead Plaintiff Deadline: January 20, 2020
On November 12, 2019, the Associated Press reported that Energy Transfer’s Mariner East pipeline project was under investigation by the Federal Bureau of Investigation (“FBI”). Citing interviews with current and former state employees, the Associated Press reported that the FBI’s investigation “involves the permitting of the pipeline, whether [Pennsylvania Governor Tom] Wolf and his administration forced environmental protection staff to approve construction permits and whether Wolf or his administration received anything in return.”
On this news, Energy Transfer’s stock price fell $0.81 per share, or 6.77%, over the following two trading sessions, closing at $11.16 per share on November 13, 2019.
The complaint, filed on November 20, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the company’s business, operational and compliance policies. Specifically, defendants made false and/or misleading statements and/or failed to disclose that: (i) Energy Transfer’s permits to conduct the Mariner East pipeline project in Pennsylvania were secured via bribery and/or other improper conduct; (ii) the foregoing misconduct increased the risk that the Company and/or certain of its employees would be subject to government and/or regulatory action; and (iii) as a result, the Company’s public statements were materially false and misleading at all relevant times.
For more information on the Energy Transfer LP class action go to: https://bespc.com/et
About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com