RM LAW, P.C. announces that a class action lawsuit has been filed on behalf of all persons or entities that purchased HD Supply Holdings, Inc. (NASDAQ: HDS) (“HD Supply” or the “Company”) securities between November 9, 2016 and June 5, 2017, inclusive (the “Class Period”).
HD Supply shareholders may, no later than September 11, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of HD Supply and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (844) 291-9299 or to sign up online, click here.
The Complaint brings forth claims for violations of the Securities Exchange Act of 1934. The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects.
Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) HD Supply’s full year 2017 growth and operational leverage targets were unattainable; (2) the operational recovery of its Facilities Maintenance supply chain was not going according to plan; (3) the Company was exploring the sale of its Waterworks segment; (4) Defendant Joseph DeAngelo, with full knowledge of the undisclosed materially adverse facts alleged herein, embarked on a selling spree of personal holdings of HD Supply stock that netted him over $54 million in proceeds; and (5) as a result of the foregoing, Defendants’ statements about HD Supply’s business, operations, and prospects were false and misleading and/or lacked a reasonable basis.
On June 6, 2017, HD Supply reported first quarter 2017 earnings that missed analyst estimates; disclosed the divestiture of one of its main business segments, “Waterworks,” which is the nation’s largest distributor of water, sewer, storm and fire protection products; and announced increased capital investments in its FM segment. Following these disclosures, the Company’s stock price fell $8.46 over two trading days, or over 20%, to close at $32.81 per share on June 7, 2017.
If you are a member of the class, you may, no later than September 11, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as “lead plaintiff.” Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain RM LAW, P.C. or other counsel of your choice, to serve as your counsel in this action.