Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Eastern District of New York on behalf of shareholders of Covetrus, Inc. who purchased shares between February 8, 2019 and August 12, 2019.
Covetrus and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On August 13, 2019, pre-market, the Company disclosed a myriad of news that shocked investors including a 2Q 2019 net loss of $0.09 per share compared to market estimates of $0.17 per share; approximately $50M cut to its 2019 EBITDA guidance; tens of millions of dollars in increased infrastructure spending and redundant costs; as well as integration problems and increased spending relating to its spin-off agreement with Henry Schein.
On this news, the price of Covetrus’ shares plummeted.
If you wish to choose counsel to represent you and the class, you must apply to be appointed lead plaintiff and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement for the class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the respective securities during the class periods. Members of the class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. No class has yet been certified in the above action. Appointment as Lead Plaintiff is not required to partake in any recovery.
Shareholders have until November 29, 2019 to request that the court appoint them lead plaintiff.