Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Central District of California on behalf of shareholders of Armstrong Flooring, Inc. who purchased shares between March 6, 2018 and November 4, 2019.
Armstrong and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
On November 5, 2019, pre-market, the Company disclosed a range of negative financial information including 3Q2019 net sales of $165.6 million, a nearly 21% decline year-over-year, a net loss of $31.4 million, and a cut to its full year 2019 guidance for adjusted EBITDA from prior range of $46 million to $54 million to a range of $20 million to $25 million.
On this news, the price of Armstrong’s 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 January 14, 2020 to request that the court appoint them lead plaintiff.