Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of investors that purchased Quad/ Graphics, Inc. (NYSE: QUAD) securities between February 21, 2018 and October 29, 2019 (the Class Period). Investors have until January 6, 2020 to apply to the Court to be appointed as lead plaintiff in the lawsuit.
Click here to participate in the action.
On October 29, 2019, the Company slashed its quarterly dividend to $0.15 per share, announced plans to divest its book business, and reported third quarter 2019 financial results. Analysts were absolutely shocked by these developments given the confidence management had just three months ago.
On this news, the Companys stock price fell $6.42 per share, or nearly 57%, to close at $4.85 per share on October 30, 2019.
The complaint, filed on November 7, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Companys business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Companys book business in United States was underperforming; (2) that, as a result, the Company was likely to divest its book business; (3) that the Company was unreasonably vulnerable to decreases in market prices; (4) that, to remain financially flexible while market prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs; and (5) that, as a result of the foregoing, defendants positive statements about the Companys business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased Quad/Graphics securities during the Class Period, are a long-term stockholder, have information, would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Brandon Walker or Melissa Fortunato by email at [email protected], or telephone at (212) 355-4648, or by filling out this contact form. There is no cost or obligation to you.
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Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com. Attorney advertising. Prior results do not guarantee similar outcomes.