Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 In Quad/Graphics, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Quad/Graphics, Inc. (“Quad/Graphics” or the “Company”) (NYSE:QUAD) of the January 6, 2019 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Quad/Graphics stock or options between February 21, 2018 and October 29, 2019 and would like to discuss your legal rights, pleae fill out the form below. There is no cost or obligation to you. You can also 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.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Quad/Graphics securities between February 21, 2018 and October 29, 2019 (the “Class Period”). The case, Born et al v. Quad/Graphics, Inc. et al., No. 1:19-cv-10376 was filed on November 7, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: (1) that the Company’s book business in United States was underperforming; (2) that, as a result, the Company was likely to divest its book business; (3) that the Company was unreasonably vulnerable to decreases in market prices; and (4) that, to remain financially flexible while prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs.
On October 29, 2019, after the market closed, the Company slashed its quarterly dividend by 50% to $0.15 per share, announced plans to divest its book business, reported third quarter 2019 financial results, and lowered its fiscal 2019 guidance. Then, on October 30, 2019, the Company held a conference call with analysts and investors to discuss these results. During the call, Defendants Quadracci and Hanon attributed the disappointing performance to “lower market prices on paper byproduct recoveries,” which would “impact full year 2019 adjusted EBITDA by at least $25 million.”
On this news, the Company’s share price fell from $11.27 per share on October 29, 2019 to $4.85 per share on October 30, 2019: a $6.42 or 56.97% drop.
Quad/Graphics, Inc. (QUAD)
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Filed on 11/08/2019
Lead Plaintiff Deadline 01/06/2020
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Richard W. Gonnello email@example.com Phone (212) 983-9330 Fax (212) 983-9331