TRENTON, NJ (Legal Newsline) – A company headquartered in Hoboken, New Jersey and its executives are alleged to have concealed facts from investors.
Bucks County Employees Retirement Fund, individually and on behalf of all others similarly situated, filed a complaint on June 21 in the U.S. District Court for the District of New Jersey against the defendants Newell Brands Inc., Michael B. Polk, Ralph J. Nicoletti and James L. Cunningham III over alleged violation of the Securities Exchange Act of 1934.
According to the complaint, the plaintiff alleges the defendants misled the market by "downplaying" the amount of Newell Brands inventory in the retail channel. The plaintiff also claims that the defendants "engaged in a scheme to deceive the market and a course of conduct that artificially inflated the prices of Newell Brands common stock and operated as a fraud on deceit on Class Period purchasers of Newell Brands common stock by failing to disclose and misrepresenting the adverse facts detailed herein."
As a result, plaintiff alleges it and the class suffered economic losses and damages under the federal securities law.
The plaintiff holds Newell Brands Inc., Polk, Nicoletti and Cunningham III responsible because the defendants allegedly disseminated materially false and misleading statements and/or concealed material adverse facts to deceive the investing public in order to purchase their common stock at artificially inflated prices.
The plaintiff requests a trial by jury and seeks judgment for compensatory damages, reasonable costs, expenses incurred, and other and further relief as the court may deem just and proper. It is represented by James E. Cecchi of Carella, Byrne, Cecchi Olstein, Brody & Angello PC in Roseland, New Jersey and Samuel H. Rudman of Robbins Geller Rudman & Dowd LLP in Melville, New York.
U.S. District Court for the District of New Jersey case number 2:18-cv-10878-KSH-CLW