Performance Sports Group Ltd. is a manufacturer of hockey, lacrosse, baseball and softball sports equipment, as well as related apparel and soccer apparel.

According to the law firm press release, the lawsuit alleges Defendants throughout the Class Period issued false and misleading statements to investors and/or failed to disclose that: (1) Sports Authority’s financial woes would impact Performance Sports Group’s financial performance; (2) the baseball and softball markets were in decline; (3) the consolidation of Performance Sports Group’s U.S. Hockey customers would create a smaller demand for hockey equipment; and (4) as a result, Defendants’ statements about Performance Sports Group’s business, operations and prospects were materially false and misleading and/or lacked a reasonable basis at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages.

On May 17, 2016, the first identified case was voluntarily dismissed by the Plaintiff. A related case continues in the Southern District of New York under 16-CV-03591.

On June 7, 2016, the Court issued an Order appointing Lead Plaintiff and Counsel. Lead Plaintiff filed an amended Complaint on August 15. Performance Sports Group Ltd. filed for Chapter 11 protection at the end of October. On November 3, Lead Plaintiffs filed a second amended Complaint. On September 13, 2019, Lead Plaintiffs filed a third amended Complaint.

On September 14, 2021, the parties notified the Court that they had reached an agreement in principle to settle the case. On December 1, the parties entered into a Stipulation and Agreement of Settlement. The Court granted preliminary approval of the Settlement on July 14, 2022. On November 21, the Court granted final approval of the Settlement, including an award of Attorneys’ Fees and Expenses, and entered Final Judgment.

The Court issued an Order approving distribution of the Settlement funds on August 23, 2023.