NEW YORK, NY--(Marketwired - March 18, 2016) - Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Performance Sports Group Ltd. ("Performance Sports" or the "Company") (NYSE: PSG) of the May 17, 2016 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Performance Sports securities between August 27, 2015 and March 7, 2016 (the "Class Period"). The case, Apel v. Performance Sports Group Ltd. et al, No. 2:16-cv-01881 was filed on March 18, 2016.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose the financial pressures on the Company due to Sport Authority's financial decline and the fall in demand in the softball, baseball and hockey markets.
Specifically, on December 16, 2015, Team Express filed for Chapter 11 Bankruptcy protection in the U.S. District Court in the Western District of Texas. According to the bankruptcy petition, Easton Sports -- a division of PSG -- is Team Express' largest creditor with an unsecured claim of $3,817,032.90.
Then, on March 8, 2016, the Company disclosed in a press release that it had reduced its fiscal year 2016 Adjusted EPS guidance by approximately $0.55 per share from $0.66 to $0.69 per diluted share to approximately $0.12 to $0.14 per diluted share. The Company cited current bankruptcy proceedings from other U.S. national sporting goods retailers and the depressed prices in the sporting goods market sector of softball, baseball and hockey as main causes for the EPS guidance revision.
After the announcement, Company's share price fell $5.75 from a closing price of $8.66 per share on March 7, 2016 to close at $2.91 per share on March 8, 2016 -- a 66.4% drop.
Request more information now by clicking here: www.faruqilaw.com/PSG. There is no cost or obligation to you.
Take Action
If you invested in Performance Sports securities between August 27, 2015 through March 7, 2016 , and would like to discuss your legal rights, visit www.faruqilaw.com/PSG. You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to rgonnello@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Performance Sports's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
Attorney Advertising. The law firm responsible for this advertisement is Faruqi & Faruqi, LLP (www.faruqilaw.com). Prior results do not guarantee or predict a similar outcome with respect to any future matter. We welcome the opportunity to discuss your particular case. All communications will be treated in a confidential manner.
FARUQI & FARUQI, LLP
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New York, NY 10017
Attn: Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
