Shareholder Alert: Bronstein, Gewirtz & Grossman, LLC Reminds Investors of Class Action against Boulder Brands, Inc. and Lead Plaintiff Deadline
NEW YORK, April 2, 2015 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC reminds investors that a securities class action has been filed in the United States District Court for the District of Colorado on behalf of those who purchased shares of Boulder Brands, Inc. ("Boulder Brands" or the "Company") (NasdaqGS: BDBD), during the period between December 23, 2013 and October 22, 2014 inclusive. (the "Class Period").
The complaint charges Boulder and certain of its officers and directors with violations of the Securities Exchange Act of 1934. The complaint alleges that during the Class Period, defendants issued materially false and misleading statements and/or failed to disclose adverse facts concerning the Company's business and prospects. Specifically, defendants failed to disclose that the Company was having problems with its inventory management and the integration of recent acquisitions, and that the Company's ongoing mix shift to lower margin products made its previously announced margin improvements unattainable. As a result of defendants' false statements and omissions, Boulder stock traded at artificially inflated prices during the Class Period.
Then, on October 22, 2014, Boulder provided an update on its anticipated third quarter 2014 financial results and its outlook for the fourth quarter of 2014, disclosing that during "the third quarter, we faced a number of headwinds that impacted our financial results." The Company further disclosed that the "the mix shift of our fast-growing, lower margin Natural segment is significantly outpacing our higher margin Balance segment and is therefore putting increased pressure on our gross margins." In addition, the Company revealed it was "expecting lower shipments due to a normalizing of certain inventories at our largest customer." On this news, the price of Boulder stock collapsed 23%, falling from a closing price of $12.73 per share on October 21, 2014 to close at $9.62 per share on October 22, 2014, on volume of more than 9 million shares traded. The next day, Boulder's stock price dropped an additional 6%, closing on October 23, 2014 at $8.99 per share.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Boulder Brands during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Boulder Brands you have until June 1, 2015 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact:
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Eitan Kimelman 212-697-6484
[email protected]
SOURCE Bronstein, Gewirtz & Grossman, LLC
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