WAYNE, Pa., May 23, 2014 /PRNewswire/ --Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of Ply Gem Holdings, Inc. ("Ply Gem" or the "Company") (NYSE: PGEM) common shares pursuant and/or traceable to the Company's May 22, 2013 initial public offering (the "IPO").
Ply Gem shareholders may, no later than July 18, 2014, move the Court for appointment as a lead plaintiff of the Class.If you purchased shares of Ply Gem and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/pgem. You may also email Mr. Maniskas at rmaniskas@rmclasslaw.com.
The complaint charges Ply Gem, certain of its officers and directors and the underwriters of the IPO with violations of the Securities Act. Ply Gem is a manufacturer of exterior building products for the residential and commercial construction, do-it-yourself, and professional remodeling and renovation markets, whose products are primarily sold in the United States and Canada.
On or about May 22, 2013, the SEC declared effective Ply Gem's Form S-1 Registration Statement, as amended (the "Registration Statement") for the IPO. The complaint alleges that the Registration Statement, and the documents referenced and incorporated therein, negligently failed to disclose certain material events known to defendants that caused the financial information reported in the Registration Statement not to be indicative of Ply Gem's future operating results. These material events included: (i) Ply Gem had agreed to buy back certain inventory from The Home Depot, Inc. ("Home Depot") as an accommodation related to a new supply agreement between the two companies (the "Supply Agreement"); (ii) the Supply Agreement required that Ply Gem initially sell Home Depot a large volume of lower-priced, lower-margin product; (iii) Ply Gem was experiencing on-going labor inefficiencies and other ramp-up costs associated with the initial roll out of lower-priced, lower-margin products to Home Depot; (iv) April 2013 was a particularly poor month for the Company, with management noting that "maybe it wasn't our worst April in eight years, but it was our worst in a while"; and (v) high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem's siding products in April 2013 and May 2013. In addition, the Registration Statement failed to disclose all material risks and changes in Ply Gem's business affairs as required pursuant to the instructions of Form S-1.
These known, but undisclosed events had a material adverse effect on Ply Gem's operating results during its second quarter ended June 29, 2013. At the time of the filing of this lawsuit, Ply Gem common shares trade in a range between $10.50 and $11 a share - 50% less than the IPO price.
If you are a member of the class, you may, no later than July 18, 2014, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide. To learn more about the class action process, please visit: www.rmclasslaw.com.
CONTACT: | Ryan & Maniskas, LLP |
Richard A. Maniskas, Esquire | |
995 Old Eagle School Rd., Suite 311 | |
Wayne, PA 19087 | |
484-588-5516 | |
877-316-3218 | |
www.rmclasslaw.com/cases/pgem | |
rmaniskas@rmclasslaw.com |
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SOURCE Ryan & Maniskas, LLP
