WAYNE, Pa., Nov. 18, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Northern District of Illinois on behalf of all persons or entities that purchased Treehouse Foods, Inc. (NYSE: THS) ("Treehouse" or the "Company") common shares between February 1, 2016 and November 2, 2016, inclusive (the "Class Period").
Treehouse shareholders may, no later than January 17, 2017, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of Treehouse and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/ths.
TreeHouse Foods, Inc. operates as a food and beverage manufacturer in the United States and Canada. The company operates through North American Retail Grocery, Food Away From Home, and Industrial and Export segments.
The Complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) the Company's private label business was underperforming; (2) the Company's acquisition strategy was underperforming; (3) the Company had overstated its full-year 2016 guidance; and (4) as a result of the foregoing, Defendants' statements about TreeHouse's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On November 3, 2016, the Company lowered its full-year adjusted earnings per share forecast due to underperformance of the Private Brands acquisition and over softness in the private label manufacturing business. In addition, Treehouse announced the closure of a plant and reported job cuts at one of its facilities. Lastly, Treehouse announced the resignation of its President, Chris Sliva, who had been President for less than six months, and the appointment of a new Chief Financial Officer.
On this news, Treehouse's share price fell from $86.59 per share on November 2, 2016 to a closing price of $69.72 on November 3, 2016—a $16.87 or a 19.48% drop.
If you are a member of the class, you may, no later than January 17, 2017, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at [email protected] or visit: www.rmclasslaw.com/cases/ths. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.