Robbins Geller Files Class Action Lawsuit against Hayward Holdings, Inc. for Securities Violations
Robbins Geller Rudman & Dowd LLP, a renowned law firm specializing in investor class actions, recently announced the filing of a class action lawsuit against Hayward Holdings, Inc. (HAYW) and its top executives and controlling shareholders. The lawsuit seeks to represent purchasers of Hayward Holdings common stock during the Class Period, which spans from March 2, 2022, to July 27, 2022. The legal action alleges violations of the Securities Exchange Act of 1934 and accuses the company of engaging in deceptive practices to artificially boost sales and earnings.
Hayward Holdings is a global company known for its broad portfolio of pool equipment and automated systems. The class action lawsuit alleges that throughout the Class Period, the defendants made false and/or misleading statements and failed to disclose crucial information. The accusations include:
On July 28, 2022, Hayward Holdings disclosed its financial results for the second fiscal quarter of 2022, which shocked analysts and investors alike. The company announced that its channel partners were expected to reduce their inventory on hand by approximately four to six weeks in the latter half of 2022. Consequently, Hayward Holdings lowered its 2022 guidance to account for the massive inventory reduction. During an earnings call, CEO Kevin Holleran admitted that the inventory bottleneck was rooted in decisions made before the Class Period. As a result, the price of Hayward Holdings common stock plummeted nearly 24%, causing significant damage to investors.
The Private Securities Litigation Reform Act of 1995 allows any investor who purchased Hayward Holdings common stock during the Class Period to seek appointment as lead plaintiff in the class action lawsuit. The lead plaintiff represents all other class members and selects a law firm to litigate the case. It is important to note that an investor's ability to share in any potential future recovery from the lawsuit is not dependent upon serving as lead plaintiff.
Robbins Geller Rudman & Dowd LLP's class action lawsuit against Hayward Holdings, Inc. brings to light serious allegations of securities violations during the Class Period. Investors who suffered substantial losses during the specified period have the opportunity to take action and potentially recover damages by participating in the lawsuit. For more information or to serve as a lead plaintiff, interested parties can contact Robbins Geller or provide their information through the provided link.
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