NEW YORK, March 28, 2014 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Coty, Inc. ("Coty" or the "Company") (NYSE: COTY) of the April 14, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Coty, certain executives and directors of Coty, and the underwriters of the Company's Initial Public Offering ("IPO").
A complaint has been filed on behalf of all persons who purchased or otherwise acquired Coty securities pursuant and/or traceable to the Company's June 13, 2013 IPO in the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and prospects.
Specifically, the action alleges that Defendants made false and/or misleading statements and/or failed to disclose that during the quarter prior to the IPO: (i) consumption of Coty's products was materially declining to the point that products were being returned from retailers and (ii) Sally Hansen and the Company's other nail products had experienced a material decline leading to the sales of those products being flat and were negative in July 2013. Additionally, Coty failed to disclose that mass retailers were not refilling inventory, or were restocking a smaller amount of inventory, which was a material negative trend that would indicate a material decline in the Company's revenue.
Since the IPO, Coty's common stock price dropped $4.67 per share, or over 26%, hitting a low of $12.83 per share on February 5, 2014.
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If you invested in Coty stock or options pursuant and/or traceable to the Company's June 13, 2013 IPO and would like to discuss your legal rights, visit www.faruqilaw.com/COTY. You can also contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to email@example.com or firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Coty's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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