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NEW YORK, March 23, 2016 -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a class action lawsuit has been filed in United States District Court for the Central District of California on behalf of all persons or entities that purchased the common stock of Performance Sports Group Ltd. (“PSG” or the “Company”) (NYSE:PSG) between August 27, 2015 and March 7, 2016, inclusive (the “Class Period”).
Shareholders who incurred losses on purchased within the defined class period are urged to contact the firm immediately at [email protected] or (800) 575-0735 or (212) 545-4774.
If you purchased shares of Performance Sports Group Ltd., you may, no later than May 17, 2016, request that the Court appoint you lead plaintiff of the proposed class.
On March 8, 2016, Performance Sports Group reduced its fiscal year 2016 Adjusted EPS guidance by roughly $0.55 per diluted share largely due to: (1) a write down of the receivable balance from a US national sporting goods retailer that has recently filed under chapter 11, and the loss of sales from this retailer; (2) a drop in sales, particularly due to weakness in the baseball/softball market; and (3) further bad debt assets for select US hockey equipment customers and the loss of sales from such customers.
Following this news, Performance Sports stock dropped $5.75 or over 66% to close at $2.91 per share on March 8, 2016. Subsequent to this disclosure, on March 22, 2016, the Company announced the departure of its Chief Executive Officer.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at [email protected], or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Performance Sports Group Investigation.”
Attorney Advertising. Prior results do not guarantee or predict a similar outcome.
Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: [email protected], [email protected] or [email protected] Tel: (800) 575-0735 or (212) 545-4774
