NEW YORK, Nov. 11, 2019 /PRNewswire/ -- Bernstein Liebhard, a nationally acclaimed investor rights law firm, announces that a securities class action has been filed on behalf of investors that purchased or acquired the securities of Quad/Graphics Inc. ("Quad/Graphics" or the "Company") (NYSE: QUAD) between February 21, 2018 through October 29, 2019, inclusive. The complaint alleges claims under Section 10(b) 20(a) of the Securities Exchange Act.
If you purchased Quad/Graphics securities, and/or would like to discuss your legal rights and options please visit Quad Shareholder Class Action Lawsuit or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that the Company's book business in United States was underperforming; (2) that, as a result, the Company was likely to divest its book business; (3) that the Company was unreasonably vulnerable to decreases in market prices; (4) that, to remain financially flexible while market prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs; and (5) that, as a result of the foregoing, Defendants positive statements about the Company's business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On October 29, 2019, Quad/Graphics revealed that the Company cut its dividend in half to $0.15 per share. Quad/Graphics announced plans to divest its book business and updated its guidance to reflect the divestiture of its book business that the Company said generates $200 million in annual sales. Quad/Graphics' net sales guidance for 2019 was thus reduced to "approximately $3.9 billion" from the previous range of "$4.05 billion to $4.25 billion."
On this news, the Company's share price fell $6.42 per share, or nearly 57%, to close at $4.85 per share on October 30, 2019, on unusually high trading volume.
If you purchased Quad/Graphics securities, and/or would like to discuss your legal rights and options please visit https://www.bernlieb.com/cases/quadgraphicsinc-quad-shareholder-class-action-stock-fraud-213/apply/ or contact Matthew E. Guarnero toll free at (877) 779-1414 or MGuarnero@bernlieb.com.
If you wish to serve as lead plaintiff, you must move the Court no later than January 6, 2020. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. Your ability to share in any recovery doesn't require that you serve as lead plaintiff. If you choose to take no action, you may remain an absent class member.
Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the Firm has been retained by some of the largest public and private pension funds in the country to monitor their assets and pursue litigation on their behalf. As a result of its success litigating hundreds of lawsuits and class actions, the Firm has been named to The National Law Journal's "Plaintiffs' Hot List" thirteen times and listed in The Legal 500 for ten consecutive years.
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SOURCE Bernstein Liebhard LLP