NEW ORLEANS--(BUSINESS WIRE)--Kahn Swick & Foti, LLC ("KSF") and KSF partner, the former Attorney General of Louisiana, Charles C. Foti, Jr., remind investors that they have only until August 5, 2024 to file lead plaintiff applications in securities class action lawsuits against The Scotts Miracle-Gro Company (NYSE: SMG), if they purchased the Company’s shares between June 2, 2021 and August 1, 2023, inclusive (the “Class Period”). These actions are pending in the United States District Court for the Southern District of Ohio.
What You May Do
If you purchased shares of Scotts and would like to discuss your legal rights and how these cases might affect you and your right to recover for your economic loss, you may, without obligation or cost to you, contact KSF Managing Partner Lewis Kahn toll-free at 1-877-515-1850 or via email (lewis.kahn@ksfcounsel.com), or visit https://www.ksfcounsel.com/cases/nyse-smg/ to learn more. If you wish to serve as a lead plaintiff in these class actions by overseeing lead counsel with the goal of obtaining a fair and just resolution, you must request this position by application to the Court by August 5, 2024.
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. A subsequent case, City Of Inkster Policemen And Firemen Retirement System v. The Scotts Miracle-Gro Company, No. 24-cv-03766 expanded the class period.
About Kahn Swick & Foti, LLC
KSF, whose partners include former Louisiana Attorney General Charles C. Foti, Jr., is one of the nation’s premier boutique securities litigation law firms. KSF serves a variety of clients – including public institutional investors, hedge funds, money managers and retail investors – in seeking recoveries for investment losses emanating from corporate fraud or malfeasance by publicly traded companies. KSF has offices in New York, Delaware, California, Louisiana and New Jersey.
To learn more about KSF, you may visit www.ksfcounsel.com.
