HD Supply Facing Second Securities Suit This Summer
Last Updated on May 8, 2018
Ebisike v. HD Supply Holdings, Inc. et al.
Filed: August 8, 2017 ◆§ 1:17-cv-02984-ELR
HD Supply Holdings, Inc. is facing another proposed securities class action over allegedly making false and misleading statements.
Industrial distribution company HD Supply Holdings, Inc. and two of its top executives are feeling the heat from a proposed class action alleging the parties violated federal securities laws. The lawsuit, filed on behalf of individuals who purchased or otherwise obtained HD Supply securities between November 9, 2016 and June 5, 2017, claims the defendants made materially false and misleading statements concerning the company’s business, operational and compliance policies that failed to disclose:
- HD Supply’s full year 2017 growth and operation leverage targets were unattainable;
- The operation recovery of the company’s Facilities Maintenance chain, after it experienced “supply chain deficiencies” in 2014, was not fleshing out as planned;
- HD Supply was, during the class period, exploring the sale of its Waterworks segment; and
- HD Supply’s CEO (one of the individual defendants), with full knowledge of the previously mentioned items, embarked on a “selling spree” of his personal holdings in the company that the case says netted him more than $54 million.
The case, echoing a similar suit filed last month, claims that as a result of the above, HD Supply’s public statements at all times relevant to the litigation were materially false and misleading.
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