Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Performance Sports Group Ltd. To Contact The Firm Before Lead Plaintiff Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Performance Sports Group Ltd. (“Performance Sports” or the “Company”) (NYSE:PSG) of the May 17, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Performance Sports securities between August 27, 2015 and March 7, 2016 (the “Class Period”). The case, Apel v. Performance Sports Group Ltd. et al, No. 2:16-cv-01881 was filed on March 18, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the financial pressures on the Company due to Sport Authority’s financial decline and the fall in demand in the softball, baseball and hockey markets
Specifically, on December 16, 2015, Team Express filed for Chapter 11 Bankruptcy protection in the U.S. District Court in the Western District of Texas. According to the bankruptcy petition, Easton Sports – a division of PSG – is Team Express’ largest creditor with an unsecured claim of $3,817,032.90.
Then, on March 8, 2016, the Company disclosed in a press release that it had reduced 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 cited current bankruptcy proceedings from other U.S. national sporting goods retailer and the depressed prices in the sporting goods market sector of softball, baseball and hockey as main causes for the EPS guidance revision.
After the announcement, Company’s share price fell $5.75 from a closing price of $8.66 per share on March 7, 2016 to close at $2.91 per share on March 8, 2016—a 66.4% drop.
If you invested in Performance Sports securities between August 27, 2015 through March 7, 2016 , and would like to discuss your legal rights, please contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Performance Sports’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
Please tell us about yourself by completing the form and we will provide you with additional
information on how to join the Class Action at no cost to you.
* The submission of this form does not create an attorney-client relationship.
Richard W. Gonnello
Faruqi & Faruqi, LLP
685 Third Avenue 26th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.