NEW ORLEANS, July 10, 2024 (GLOBE NEWSWIRE) — ClaimsFiler, a FREE shareholder information service, reminds investors that they have until August 5, 2024 to file lead plaintiff applications in a securities class action lawsuit against The Scotts Miracle-Gro Company (NYSE: SMG), if they purchased the Company’s shares between November 3, 2021 and August 1, 2023, inclusive (the “Class Period”). This action is pending in the United States District Court for the Southern District of Ohio.
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Scotts investors should visit us at https://claimsfiler.com/cases/nyse-smg/ or call toll-free (844) 367-9658. Lawyers at Kahn Swick & Foti, LLC are available to discuss your legal options.
About the Lawsuit
Scotts and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 2, 2023, the Company disclosed disappointing financial results including a decline in quarterly sales for fiscal third quarter of 6%, a decline in gross margin by 420 basis points, as well as a cut to fiscal year EBITDA guidance by a staggering 25% and a $20 million write down of “pandemic driven excess inventories.”
On this news, the price of Scotts’ shares fell by $13.58 per share, or 19%, from a closing price of $71.44 per share on August 1, 2023, to a closing price of $57.86 per share on August 2, 2023.
The case is City of Hialeah Employees’ Retirement System v. The Scotts Miracle-Gro Company, No. 24-cv-03132.
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