SHAREHOLDER ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Hayward Holdings, Inc. - HAYW
News provided byACCESSWIRE
Sep 19, 2023, 1:00 PM ET
NEW YORK, NY / ACCESSWIRE / September 19, 2023 / Pomerantz LLP is investigating claims on behalf of investors of Hayward Holdings, Inc. ("Hayward" or the "Company") (NYSE:HAYW). Such investors are advised to contact Robert S. Willoughby at firstname.lastname@example.org 888-476-6529, ext. 7980.
The investigation concerns whether Hayward and certain of its officers and/or directors have engaged in securities fraud or other unlawful business practices.
On July 28, 2022, Hayward issued a press release announcing the Company's financial results for the second fiscal quarter of 2022 (the "2Q22 release"). The 2Q22 release revealed that the Company was expecting its channel partners to reduce their Hayward inventory on hand by approximately four to six weeks in the second half of 2022. As a result, the Company reduced its 2022 guidance to reflect a massive inventory reduction in the second half of the year. Hayward slashed expected 2022 net sales growth from a range of 9% to 12% to a decline of 2% to 6%. In addition, Hayward cut expected 2022 adjusted earnings from a range of $460 million to $475 million to a range of just $385 million to $400 million, a 16% decline at the mid-point. Because Hayward had already achieved $254 million in adjusted earnings during the first six months of the year, at the low end of this range Hayward's adjusted earnings would fall by half over the next six months. Notably, during an earnings call held that same day, Hayward's Chief Executive Officer Kevin Holleran admitted that the inventory bottleneck traced back to inventory decisions made "at the end of 2021".
On this news, Hayward's stock price fell $2.50 per share, or 18.23%, to close at $11.21 per share on July 28, 2022.
Pomerantz LLP, with offices in New York, Chicago, Los Angeles, London, Paris, and Tel Aviv, 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, Pomerantz pioneered the field of securities class actions. Today, more than 85 years later, Pomerantz 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 billions of dollars in damages awards on behalf of class members. See www.pomlaw.com.
SOURCE: Pomerantz LLP
View source version on accesswire.com:
NOTE: This content is not written by or endorsed by "WCMH", its advertisers, or Nexstar Media Inc.