LOS ANGELES, Oct. 29, 2019 (GLOBE NEWSWIRE) -- Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming November 29, 2019 deadline to file a lead plaintiff motion in the class action filed on behalf of Covetrus, Inc. (“Covetrus” or the “Company”) (NASDAQ: CVET) investors who purchased securities between February 8, 2019 and August 12, 2019, inclusive (the “Class Period”).
If you are a shareholder who suffered a loss, click here to participate.
If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, at 310-201-9150, Toll-Free at 888-773-9224, or by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com.
In February 2019, Covetrus was formed through a spin-off of Henry Schein’s Animal Health Business, which was merged with Vets First Choice (VFC).
On August 13, 2019, before the market opened, Covetrus reported a net loss of $0.09 per share for the second quarter of 2019, well below analyst estimates of $0.17 in net income per share.
Additionally, the Company also revealed difficulties integrating the platforms and disclosed increased spending to eliminate obligations to Henry Schein as part of the spin-off agreement.
On this news, the Company’s share price fell $9.30, or 40%, to close at $13.89 per share on August 13, 2019, thereby injuring investors.
The complaint filed in this class action alleges that throughout the Class Period, 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. Specifically, Defendants failed to disclose to investors: (1) that the Company had overstated its capabilities with regard to inventory management and supply chain services; (2) that Covetrus had understated the costs of the integration of Henry Schein's Animal Health Business and VFC, including the timing and nature of those costs; (3) that Covetrus had understated its separation costs from Henry Schein; and (4) that the Company understated the impact on earnings from online competition and alternative distribution channels as well as the impact of the loss of a large customer in North America just prior to the Company's separation from Henry Schein.
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If you purchased or otherwise acquired Covetrus securities during the Class Period you may move the Court no later than November 29, 2019 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Contacts
Glancy Prongay & Murray LLP, Los Angeles
Lesley Portnoy, 310-201-9150 or 888-773-9224
shareholders@glancylaw.com
www.glancylaw.com