An investigation on behalf of current long term investors in Party City Holdco Inc (NYSE:PRTY) shares over possible breaches of fiduciary duty by certain officers and directors was announced and NYSE:PRTY stockholders should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 12/14/2016 -- An investigation on behalf of current long-term investors in shares of Party City Holdco Inc (NYSE:PRTY) concerning potential breaches of fiduciary duties by certain directors and officers of Party City Holdco Inc was announced.
Investors who are current long term investors in Party City Holdco Inc (NYSE:PRTY) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call 858-779-1554.
The investigation by a law firm for current long term investors in NYSE:PRTY stocks follows a lawsuit filed against Party City Holdco Inc over alleged securities laws violations. The investigation on behalf of current long term investors in NYSE:PRTY stocks, concerns whether certain Party City Holdco directors are liable in connection with the allegations made in that lawsuit.
According to that complaint filed in the U.S. District Court for the Southern District of New York the plaintiff alleges that the defendants violated Federal Securities Laws in connection with Party CityHoldco Inc's April 16, 2015 IPO. More specifically, the plaintiff claims that Defendants allegedly failed to disclose certain risks in the Registration Statement and Prospectus, including the impact on Party City due to soft consumer traffic trends, due to the extraordinary performance of the Disney Frozen franchise from the prior year, and due to the store reset initiative.
On April 16, 2015, Party City Holdco Inc stock opened for trading at $20.50, the day the Company sold 21.9 million shares of stock in its initial public stock offering (the "IPO"), reaching a high of $20.84 per share that day.
On November 12, 2015, Party City Holdco Inc reported a loss of $44.5 million in its third quarter. Party City Chief Executive Officer James M. Harrison described Party City Holdco's retail results as "weaker than expected." Shares of Party City Holdco Inc (NYSE:PRTY) declined on November 13, 2015 to as low as $11.20 per share.
On December 13, 2015, NYSE:PRTY shares closed at $15.75 per share.
Those who purchased shares of Party City Holdco Inc have certain options and should contact the Shareholders Foundation.
Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North - Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com