Glancy
Prongay & Murray LLP (“GPM”) reminds investors of the upcoming May
17, 2016 deadline to file a lead plaintiff motion in the class
action filed on behalf of a class (the “Class”) 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”). Investors that have suffered losses on their
investment in Performance Sports Group securities and wish to take an
active role in this lawsuit are encouraged to contact Lesley Portnoy,
Esquire.
The complaint alleges that the Company failed to adequately inform
investors that material issues to Performance Sports Group’s revenue
growth and profitability were looming; as a result of several customer
bankruptcies that shrunk the retail outlets for the Company’s sports
products.
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.
GPM represents institutional and retail investors in securities class
actions throughout the country, and has recovered millions of dollars on
behalf of investors.
If you purchased Performance Sports Group shares, you may move the Court
no later than May 17, 2016 to request appointment as lead
plaintiff. 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://www.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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