Glancy,
Prongay & Murray LLP (“GPM”) announces that a class action
lawsuit has been filed on behalf of investors who purchased Performance
Sports Group Ltd. (“Performance Sports Group” or the “Company”) (NYSE: PSG)
securities between August 27, 2015 and March 7, 2016, inclusive
(the “Class Period”). Performance Sports Group investors have until May
17, 2016 to file a lead plaintiff motion.
Investors who have suffered losses over $100,000 on their Performance
Sports Group investments are encouraged to contact Lesley Portnoy, Esq.
of GPM to discuss their legal rights in this class action at
310-201-9150 or by email to shareholders@glancylaw.com.
On March 8, 2016, the Company issued a press release disclosing that the
Company had revised its fiscal year 2016 Adjusted EPS guidance by
approximately $0.55 per share from $0.66 to $0.69 per diluted share to
approximately $0.12 to $0.14 per diluted share. The Company attributed
the reduced guidance to “(i) a write down of the receivable balance from
a U.S. national sporting goods retailer that has filed under chapter 11
and the related anticipated loss of sales from this retailer ($0.09 per
share); (ii) an anticipated reduction in sales, particularly due to
weakness in the baseball/softball market ($0.31 per share); and (iii)
additional bad debt reserves primarily for certain U.S. hockey customers
and the related anticipated loss of sales from such customers ($0.19 per
share).” On this news, the Company’s shares fell $5.75 per share, or
66.4%, to close at $2.91 on March 8, 2016, thereby injuring investors.
And, on March 22, 2016, the Company’s CEO, Kevin Davis, resigned from
his position amid alleged disagreements with the Board of Directors and
the former Company chairman, W. Graeme Roustan.
If you purchased shares of Performance Sports Group during the Class
Period you may move the Court no later than May 17, 2016 to
ask the Court to appoint you as lead plaintiff if you meet certain legal
requirements. To be a member of the Class you need not take any action
at this time; you may retain counsel of your choice or take no action
and remain an absent member of the Class. If you wish to learn
more about this action, or if you have any questions concerning this
announcement or your rights or interests with respect to these matters,
please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East,
Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at
888-773-9224, by email to shareholders@glancylaw.com,
or visit our website at http://glancylaw.com.
If you inquire by email please include your mailing address, telephone
number and number of shares purchased.
This press release may be considered Attorney Advertising in some
jurisdictions under the applicable law and ethical rules.
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