Case Page

 

Case Status:    ONGOING    
On or around 06/29/2018 (Ongoing date of last review)

Filing Date: June 21, 2018

According to the law firm press release, Newell Brands Inc. ("Newell") is a global manufacturer and marketer of name-brand consumer products. In April 2016, Newell Rubbermaid, whose brands included Paper Mate®, Sharpie®, Rawlings®, Lenox®, Sunbeam®, Graco® and Rubbermaid®, acquired Jarden Corporation (“Jarden”), a global consumer products company whose brands included Crock-Pot®, FoodSaver®, Mr. Coffee®, Oster®, Coleman®, K2®, Marker® and Marmot®. The combined company was renamed Newell Brands Inc.

The Complaint alleges that during the Class Period, Defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Newell’s business and prospects. Specifically, Defendants misrepresented and/or failed to disclose the following adverse facts, among others: (i) the Company’s retail channel was loaded with extremely high levels of unsold Newell product; (ii) contrary to Defendants’ representations, the build-up of Newell inventory in the retail channel was due to Company-specific rather than macroeconomic reasons; (iii) as a result of the unusually high levels of unsold inventory in the retail channel, Newell was exposed to a heightened risk that it would experience slower sales growth in future periods; and (iv) undisclosed managerial and cultural differences in the legacy Newell and Jarden businesses had created significant internal discord that was having a material adverse effect on the Company’s operating performance. As a result of Defendants’ failure to disclose this adverse information, the Complaint alleges that the price of Newell common stock was artificially inflated during the Class Period to more than $55.00 per share.

COMPANY INFORMATION:

Sector: Consumer Non-Cyclical
Industry: Personal & Household Products
Headquarters: United States

SECURITIES INFORMATION:

Ticker Symbol: NWL
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: D. New Jersey
DOCKET #: 18-CV-10878
JUDGE: Hon. Katharine S. Hayden
DATE FILED: 06/21/2018
CLASS PERIOD START: 02/06/2017
CLASS PERIOD END: 01/24/2018
PLAINTIFF FIRMS NAMED IN COMPLAINT:
  1. Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C.
    5 Becker Farm Road , Carella, Byrne, Cecchi, Olstein, Brody & Agnello, P.C., NJ 07068
    (973) 994-1700 (973) 994-1744 ·
  2. 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 ·
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