NEW YORK, March 14, 2020 (GLOBE NEWSWIRE) -- Pomerantz LLP is investigating claims on behalf of investors of JELD-WEN Holding, Inc. (“Jeld-Wen” or the “Company”) (NYSE: JELD). Such investors are advised to contact Robert S. Willoughby at rswilloughby@pomlaw.com or 888-476-6529, ext. 7980.
The investigation concerns whether Jeld-Wen and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
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On February 15, 2018, the Company announced that a jury had returned a verdict against Jeld-Wen in the Company’s ongoing litigation with Steves and Sons, Inc. (the “Steves Litigation”), finding that Jeld-Wen’s conduct violated U.S. antitrust laws.
On August 7, 2018, a veteran industry analyst at J.P. Morgan slashed his estimates for Jeld-Wen’s earnings in 2018 and 2019 and lowered his price target for Jeld-Wen’s stock, citing, among other issues, the Steves Litigation. In response to the J.P. Morgan report, Jeld-Wen’s stock price fell $2.62 per share, or 9.95%, to close at $23.71 per share on August 8, 2018.
Then, on October 4, 2018, the judge presiding over the Steves Litigation ruled that Jeld-Wen would be required to divest a facility it had obtained via its acquisition of CraftMaster Manufacturing, Inc. in October 2012. On this disclosure, which prompted several analyst downgrades, Jeld-Wen’s stock price fell $1.18 per share, or nearly 5%, over the following two trading sessions, closing at $22.91 per share on October 9, 2018.
Finally, on October 15, 2018, Jeld-Wen announced that the Company expected its third quarter 2018 financial results to include a $76.5 million charge related to the ongoing Steves Litigation. The Company also announced the resignation of its Chief Financial Officer. On these disclosures, Jeld-Wen’s stock price fell $4.03 per share, or 18.91%, to close at $17.28 per share on October 16, 2018.
The Pomerantz Firm, with offices in New York, Chicago, Los Angeles, and Paris is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 80 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com .
CONTACT: Robert S. Willoughby Pomerantz LLP rswilloughby@pomlaw.com 888-476-6529 ext. 9980
