CONSHOHOCKEN, Pa.–LAWFUEL – The Law News Network – Aug. 12, 2005–Goldman Scarlato & Karon, P.C., a law firm with offices in Conshohocken, PA and Cleveland, OH, announces that a lawsuit has been filed in the United States District Court for the Southern District of New York, on behalf of persons who purchased or otherwise acquired publicly traded securities of Prestige Brands Holdings, Inc. (“Prestige” or the “Company”) (NYSE:PBH) pursuant and or tracable to the Company’s Initial Public Offering (“IPO”) on or about February 9, 2005 through July 28, 2005, inclusive, (the “Class Period”). The lawsuit was filed against Prestige and GTCR Golder Rauner, LLC, Peter C. Mann, Peter J. Anderson, David A. Donnini, Vincent J. Hemmer, Merrill Lynch, Pierce Fenner & Smith Incorporated, Goldman Sachs & Co.,and J.P. Morgan Securities Inc (“Defendants”).
If you are a member of this class and wish to view a copy of a complaint and join this class action, please e-mail us at info@gsk-law.com and request a copy of the complaint and a plaintiff certification. If you are a member of the Class, you may move the Court no later than October 3, 2005 to serve as a lead plaintiff for the Class. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. However, if you choose to remain an absent class member, unless and until a class is certified, you are not represented by counsel.
The complaint alleges that Defendants violated the Securities Act of 1933. More specifically, the complaint alleges that the prospectus (the “Prospectus”) filed with the Securities and Exchange Commission (“SEC”) in connection with the IPO of Prestige common stock , which took place on or about February 9, 2005, was false and misleading because it failed to disclose that the Company’s sales were deteriorating in three of its major business segments, that the Company’s strategy of making acquisitions was hurting its core competencies, and that as a result of the above, Defendants’ positive statements regarding the Company’s growth and outlook were lacking any reasonable basis when made.
On July 27, 2005. Prestige announced that the Company’s revenues would fall below expectations. In reaction to this news, shares of Prestige fell $8.14 per share, or 40.6% on July 28, 2005 to close at $11.90 per share.
If you bought Prestige securities on or about February 9, 2005 through July 28, 2005, inclusive, and would like to obtain information about the lawsuit, then you are invited to call (888) 753-2796 to speak with an advisor.
