NEW YORK, May 22, 2018 (GLOBE NEWSWIRE) -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Patterson Companies, Inc. (“Patterson” or the “Company”) (NASDAQ: PDCO ) of the May 29, 2018 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Patterson stock or options between June 26, 2015 and February 28, 2018 and would like to discuss your legal rights, click here : www.faruqilaw.com/PDCO . There is no cost or obligation to you.
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.
CONTACT: FARUQI & FARUQI, LLP 685 Third Avenue, 26 th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. rgonnello@faruqilaw.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the District of Minnesota on behalf of all those who purchased Patterson securities between June 26, 2015 and February 28, 2018 (the “Class Period”). The case, Plymouth County Retirement System v. Patterson Companies, Inc. et al, No. 18-cv-00871 was filed on March 28, 2018, and has been assigned to Judge Michael J. Davis.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failed to disclose that: (1) the Company was engaged in a fraudulent and illegal price-fixing conspiracy; (2) the Company’s revenue and earnings were fraudulently inflated by the illegal scheme; (3) the scheme was aimed at prohibiting sales to and price negotiations by group purchasing organizations (“GPOs”) that represented small and independent dental practices; (4) as a result of the foregoing, the Company’s statements about Patterson’s business, operations, and prospects were materially false and/or misleading and/or lacked a reasonable basis.
Specifically, On February 13, 2018, Patterson issued a press release refuting the FTC Complaint’s allegations, saying “Patterson maintains the highest levels of integrity and ethical standards and has a 140 year history of partnering with all types of customers to grow their business.”
Then, on March 1, 2018, before the markets opened, Patterson announced its quarterly earnings data for the third quarter of fiscal year 2018. With its price fixing scheme now under scrutiny, the Company shocked investors by announcing a 26% decrease in earnings, which also missed consensus expectations.
After the announcement, Patterson’s share price fell from $31.58 per share on February 28, 2018 to a closing price of $24.11 on March 1, 2018—a $7.47 or a 23.65% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who 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 to serve as a lead plaintiff or not.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Patterson’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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