SAN DIEGO, June 24, 2014 (GLOBE NEWSWIRE) -- The Shareholders Foundation, Inc. announces that a deadline is coming up on July 18, 2014 to get actively involved in the lawsuit filed for certain investors in shares of Ply Gem Holdings Inc (PGEM) over alleged Securities Laws Violations by Ply Gem Holdings Inc.
If you purchased shares Ply Gem Holdings Inc (PGEM), you have certain options and for certain investors are short and strict deadlines running. Deadline: July 18, 2014. PGEM investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
The plaintiff alleges that the Registration Statement as amended for the initial public offering on May 22, 2013, and the documents referenced and incorporated therein, negligently failed to disclose certain material events known to defendants that caused the financial information reported in the Registration Statement not to be indicative of Ply Gem Holdings Inc's future operating results.
More specifically, the plaintiff claims that these material events included that Ply Gem Holdings Inc had agreed to buy back certain inventory from The Home Depot, Inc. ("Home Depot") as an accommodation related to a new supply agreement between the two companies (the "Supply Agreement"), that the Supply Agreement required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin product, that Ply Gem Holdings Inc was experiencing on-going labor inefficiencies and other ramp-up costs associated with the initial roll out of lower-priced, lower-margin products to Home Depot, that April 2013 was a particularly poor month for the Company, with management noting that "maybe it wasn't our worst April in eight years, but it was our worst in a while" and that high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem Holdings Inc's siding products in April 2013 and May 2013.
Shares of Ply Gem Holdings declined from $23.55 per share in May 2013 to as low as $10.17 per share on June 20, 2014.
Those who purchased shares of Ply Gem Holdings Inc have certain options and should contact the Shareholders Foundation, Inc. by e-mail at mail@shareholdersfoundation.com or call +1 (858) 779-1554.
The Shareholders Foundation, Inc. is a professional portfolio legal monitoring and a settlement claim filing service, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. The Shareholders Foundation, Inc. is not a law firm. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.
Shareholders Foundation, Inc. Trevor Allen +1 (858) 779-1554 3111 Camino Del Rio North Suite 423 San Diego, CA 92108
