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Case Status:    SETTLED
On or around 12/24/2020 (Date of last review)

Filing Date: March 07, 2019

According to the law firm press release, the complaint alleges that Spectrum misrepresented and failed to disclose that: (i) Spectrum had been self-inflicting the operational issues at its Ohio and Kansas facilities; (ii) these operational issues were, in fact, recurring in nature; (iii) these operational issues would continuously impact production, shipping levels and sales; and (iv) as a result of the foregoing, the Company’s financial statements were materially false and misleading at all relevant times.

On April 26, 2018, Spectrum issued a press release announcing its financial and operating results for the second fiscal quarter ended April 1, 2018, reporting a net income of $0.8 million compared to net income of $39.9 million in the previous year’s comparable quarter. The same day, Spectrum announced that its CEO was stepping down, effective immediately. Following this news, shares of Spectrum fell from a close of $94.23 per share on April 24, 2018, to a close of $75.01 per share the following day.

On June 12, 2019, the Court issued an Order consolidating cases and appointing Lead Plaintiffs and Counsel. Lead Plaintiffs filed an amended Complaint on July 12.

The parties notified the Court that they had reached an Agreement in Principle to settle the action on July 1, 2020. On August 10, the parties entered into a Stipulation and Agreement of Settlement. The Court issued an Order granting preliminary approval of the Settlement on September 29.


Sector: Consumer Cyclical
Industry: Furniture & Fixtures
Headquarters: United States


Ticker Symbol: SPB
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: W.D. Wisconsin
DOCKET #: 19-CV-00178
JUDGE: Hon. James D. Peterson
DATE FILED: 03/07/2019
CLASS PERIOD END: 04/25/2018
  1. Halling & Cayo, S.C.
  2. Levi & Korsinsky LLP (DC)
No Document Title Filing Date
COURT: W.D. Wisconsin
DOCKET #: 19-CV-00347
JUDGE: Hon. James D. Peterson
DATE FILED: 07/12/2019
CLASS PERIOD END: 11/19/2018
  1. Bernstein Litowitz Berger & Grossmann LLP (Chicago)
  2. Rathje Woodward LLC
No Document Title Filing Date
—Related District Court Filings Data is not available