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Case Status:    ONGOING    
On or around 07/26/2017 (Ongoing date of last review)

Filing Date: May 19, 2014

According to the law firm press release, Ply Gem is a manufacturer of exterior building products for the residential and commercial construction, do-it-yourself, and professional remodeling and renovation markets, whose products are primarily sold in the United States and Canada.

On or about May 22, 2013, the SEC declared effective Ply Gem’s Form S-1 Registration Statement, as amended (the “Registration Statement”) for the IPO. The complaint alleges that the Registration Statement, and the documents referenced and incorporated therein, negligently failed to disclose certain material events known to defendants that caused the financial information reported in the Registration Statement not to be indicative of Ply Gem’s future operating results. These material events included: (i) Ply Gem had agreed to buy back certain inventory from The Home Depot, Inc. (“Home Depot”) as an accommodation related to a new supply agreement between the two companies (the “Supply Agreement”); (ii) the Supply Agreement required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin product; (iii) Ply Gem was experiencing on-going labor inefficiencies and other ramp-up costs associated with the initial roll out of lower-priced, lower-margin products to Home Depot; (iv) April 2013 was a particularly poor month for the Company, with management noting that “maybe it wasn’t our worst April in eight years, but it was our worst in a while”; and (v) high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem’s siding products in April 2013 and May 2013. In addition, the Registration Statement failed to disclose all material risks and changes in Ply Gem’s business affairs as required pursuant to the instructions of Form S-1.

These known, but undisclosed, events had a material adverse effect on Ply Gem’s operating results during its second quarter ended June 29, 2013. At the time of the filing of this lawsuit, Ply Gem common shares trade in a range between $10.50 and $11 a share – 50% less than the IPO price.

On October 14, 2014, the Court issued an Order consolidating cases, and appointing lead plaintiff and lead counsel. Lead Plaintiff filed a consolidated complaint on December 15, 2014.

On September 29, 2015, the Court issued an Order granting the Defendants' motion to dismiss. Plaintiffs were given leave to amend their complaint. The Second Amended Complaint was filed on November 6, 2015.

On September 23, 2016, the Court issued an Order granting in part and denying in part Defendants' motion to dismiss.

COMPANY INFORMATION:

Sector: Capital Goods
Industry: Construction - Raw Materials
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: PGEM
Company Market: New York SE
Market Status: Public (Listed)

About the Company & Securities Data


"Company" information provides the industry and sector classification and headquarters state for the primary company-defendant in the litigation. In general, "Securities" information provides the ticker symbol, market, and market status for the underlying securities at issue in the litigation.

In most cases, the primary company-defendant actually issued the securities that are the subject of the litigation, and the securities information and company information relate to the same entity. In a small subset of cases, however, the primary company-defendant is not the issuer (for example, cases against third party brokers/dealers), and the securities information and company information do not relate to the same entity.
COURT: S.D. New York
DOCKET #: 14-CV-03577
JUDGE: Hon. J. Paul Oetken
DATE FILED: 05/19/2014
CLASS PERIOD START: 05/22/2013
CLASS PERIOD END: 05/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
  2. VanOverbeke Michaud & Timmony, P.C.
    79 Alfred Street, VanOverbeke Michaud & Timmony, P.C., MI 48201
    313.578.1200 313.578.1200 ·
No Document Title Filing Date
COURT: S.D. New York
DOCKET #: 14-CV-03577
JUDGE: Hon. J. Paul Oetken
DATE FILED: 11/06/2015
CLASS PERIOD START: 05/23/2013
CLASS PERIOD END: 05/19/2014
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Robbins Geller Rudman & Dowd LLP (Melville)
    58 South Service Road, Suite 200, Robbins Geller Rudman & Dowd LLP (Melville), NY 11747
    631.367.7100 631.367.1173 ·
No Document Title Filing Date