STEVENSON, Md., Nov. 19, 2015 (GLOBE NEWSWIRE) -- The securities litigation law firm of Brower Piven, A Professional Corporation, announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Party City Holdco Inc. (NYSE: PRTY ) (“Party City” or the “Company”) securities pursuant and/or traceable to the Registration Statement and Prospectus issued in connection with the Company’s April 16, 2015 initial public offering (“IPO”). Investors who wish to become proactively involved in the litigation have until January 19, 2016 to seek appointment as lead plaintiff.
If you have suffered a loss from investment in Party City securities pursuant to its April 16, 2015 IPO, and would like to learn more about this lawsuit and your ability to participate as a lead plaintiff, without cost or obligation to you, please visit our website at http://www.browerpiven.com/currentsecuritiescases.html . You may also request more information by contacting Brower Piven either by email at hoffman@browerpiven.com or by telephone at (410) 415-6616. No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff.
If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in Company securities during the Class Period. Brower Piven also encourages anyone with information regarding the Company’s conduct during the period in question to contact the firm, including whistleblowers, former employees, shareholders and others.
The complaint accuses the defendants of violations of the Securities Act of 1933 by virtue of the defendants’ failure to disclose in connection with its IPO certain risks including soft consumer traffic trends, the extraordinary performance of the competing Disney Frozen franchise, and the need for and disruption from store remerchandising.
According to the complaint, after the true details of these risks came to light up to the time the lawsuit was filed, including during an August 13, 2015 conference call, referencing the Disney Frozen licensed product and the anticipated disruptions from store remerchandising, and through a November 12, 2015 Company press release explaining among other things how the Disney Frozen product-line had created an anomaly in the Company’s business, the value of Party City shares declined significantly.
Attorneys at Brower Piven have extensive experience in litigating securities and other class action cases and have been advocating for the rights of shareholders since the 1980s. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation 1925 Old Valley Road Stevenson, Maryland 21153 Telephone: 410-415-6616 hoffman@browerpiven.com
