A lawsuit was filed on behalf of investors in Vista Outdoor Inc (NYSE:VSTO) shares over alleged securities laws violations and NYSE:VSTO investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 01/30/2017 -- An investor, who purchased NYSE:VSTO shares, filed a lawsuit in Utah over alleged violations of Federal Securities Laws by Vista Outdoor Inc in connection with certain allegedly false and misleading statements.
Investors who purchase shares of Vista Outdoor Inc (NYSE:VSTO) have certain options and for certain investors are short and strict deadlines running. Deadline: March 27, 2017. NYSE:VSTO investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
The plaintiff claims that between August 11, 2016, and January 13, 2017, the Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects, including that Vista Outdoor Inc was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity, that, as such, Vista Outdoor was experiencing both revenue and gross margin declines, that, as a result of the foregoing, the Company would have to begin the impairment assessment for its Outdoor Products segment's reporting units in the third quarter of 2017, rather than with the preparation of the Company's fiscal year 2017 ("FY17") annual financial statements, that, as a result, the Company would have to recognize an impairment charge in the range of $400 million to $450 million, and that, as a result of the foregoing, Defendants' statements about Vista Outdoor's business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
Farmington, UT based Vista Outdoor Inc. is a designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. Vista Outdoor Inc went public in January 2015.
Vista Outdoor Inc reported that its annual Total Revenue rose over $2.08 billion for the 52 weeks period that ended on March 31, 2015 to over $2.27 billion for the 53 weeks period that ended on March 31, 2016 and that its Net Income for the respective time periods increased from $79.53 million to $147.04 million.
Shares of Vista Outdoor Inc (NYSE:VSTO) reached $52.69 per share in April 2016, respectively $51.58 per share in August 2016.
On January 11, 2017, Vista Outdoor Inc (NYSE:VSTO) announced that it expects to record a material, non-cash intangible asset impairment charge in its Hunting and Shooting Accessories reporting unit in the third quarter of its Fiscal Year 2017. Vista Outdoor Inc (NYSE:VSTO) said that the Company's preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million.
Shares of Vista Outdoor Inc (NYSE:VSTO) declined to as low as $26.91 per share on January 19, 2017.
Those who purchased shares of Vista Outdoor Inc have certain options and should contact the Shareholders Foundation.
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