Kuznicki Law PLLC notifies investors that a class action has commenced in the United States District Court for the Southern District of New York on behalf of shareholders of Coty, Inc. who purchased shares between October 3, 2016 and May 28, 2020.
Coty and certain of its executives are charged with failing to disclose material information during the Class Period, violating federal securities laws.
The alleged false and misleading statements and omissions include, but are not limited to, that: (i) the Company did not have adequate processes and procedures in place to assess and properly value the acquisitions of P&G Specialty Beauty Business and Kylie Cosmetics (ii) as a result, the Company had overpaid for the P&G Specialty Beauty Business and Kylie Cosmetics; (iii) the Company did not have adequate infrastructure to smoothly integrate and support the beauty brands that it acquired from P&G, including an adequate supply chain; (iv) as a result of its inadequate infrastructure, Coty was not successfully integrating the beauty brands it acquired from P&G and not delivering synergies from the acquisition; and (v) as a result of the foregoing, Coty’s financial statements were materially false and misleading at all relevant times.
On this news, the price of Coty’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 November 3, 2020 to request that the court appoint them lead plaintiff.