The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose how the softening of the outdoor sport and recreation retail environment would impact its business, operations, and prospects.
Specifically, on January 11, 2017, the Company issued a press release entitled "Vista Outdoor Announces Expected Non-Cash Intangible Asset Impairment Charge" disclosing that it expected to record a material, non-cash intangible asset impairment charge in its Hunting and Shooting Accessories reporting unit in the third quarter of its FY 17. The Company cited that sales decline in the market would lead to the impairment charge to be estimated at $400 to $450 million. Then, on January 13, 2017, Vista disclosed that Kelly Grindle was being replaced by Dave Allen as President of the Company's Outdoor Products segment.
After these announcements, Vista's share price fell from $37.79 per share on January 11, 2017 to a closing price of $29.58 on January 12, 2017 —a $8.21 or a 21.73% drop.
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If you invested in Vista stock or options between August 11, 2016 and January 13, 2017 and would like to discuss your legal rights, visit www.faruqilaw.com/VSTO. 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 firstname.lastname@example.org. Faruqi & Faruqi, LLP also encourages anyone with information regarding Vista'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.
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FARUQI & FARUQI, LLP
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Attn: Richard Gonnello, Esq.
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SOURCE Faruqi & Faruqi, LLP