NEW YORK, Jan. 25, 2017 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Vista Outdoor, Inc. (“Vista” or the “Company”) (NYSE: VSTO ) of the March 27, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the District of Utah on behalf of all those who purchased Vista securities between August 11, 2016, and January 13, 2017 (the “Class Period”). The case, Lentsch v. Vista Outdoor et al , No. 17-cv-00012 was filed on January 25, 2017.
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.
Request more information now by clicking here: www.faruqilaw.com/VSTO . There is no cost or obligation to you.
Take Action
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 rgonnello@faruqilaw.com . 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 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
