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SWK.US
id: 641
Stanley Black & Decker (SWK) COVID Case on Misleading
D. Connecticut
Court3:23-CV-00369
Case number10/28/2021
Class period Start07/28/2022
Class period End05/23/2023
Lead Plaintiff motion deadline- Stanley Black & Decker stated significantly slower demand & sharp projection cut.
- $SWK price declined by over 16%, damaging investors.
- Investors suspect $SWK and its officers of misleading.
On July 28, 2022, Stanley Black & Decker (SWK) issued financial and operational results for Q2 2022, and the press release stated that “the macroeconomic environment—including inflation, rising interest rates and significantly slower demand in late May and June—drove the majority of the challenges we faced this quarter”, “the softening of the demand environment accelerated rapidly during the last portion of the quarter”, and that “net sales for the quarter were … partially offset by lower volume (-13%).”.
On this news, the $SWK price declined by over 16%, damaging investors.
The financial media and analysts were quick to react to the news, with analysts from Mizuho Financial Group stating that the massive guidance cut “truncates anything that occurred in the quarter”, adding “this is significantly worse than we could have imagined.”
Taking all representations and appeared results into account, Investors have reasons to suspect $SWK and its officers of misleading statements and representations.
Case Status
Motion to dismiss
Alleged Offence
Misleading Statements,
Failure to Disclose,
Omissions
Suspected Party
Directors,
Management
Security Type
Stocks
Trade Direction
Long
Shock Event Date
07/28/2022
Filing date
03/24/2023
Lead Plaintiff Deadline
05/23/2023
Judge
Hon. Kari A. Dooley