Energy News / Shareholders Foundation, Inc.

Deadline Upcoming in $25.9 Million Settlement in the Ply Gem Holdings Inc (NYSE: PGEM) Investor Lawsuit

Via: ReleaseWire

Updated 11:00 AM CDT, Fri, June 08,2018

A settlement was reached with the defendants in the lawsuit filed on behalf of certain investors of Ply Gem Holdings Inc (NYSE: PGEM) over alleged securities laws violations and a deadline to submit the settlement claim is upcoming on June 29, 2018 and NYSE: PGEM investors should contact the Shareholders Foundation.

San Diego, CA -- (SBWIRE) -- 06/08/2018 -- A deadline is coming up on June 29, 2018 in the settlement reached in the securities class action lawsuit filed on behalf of investors who purchased shares of Ply Gem Holdings Inc (NYSE: PGEM) between May 23, 2013 to December 15, 2014.

Investors who purchased a significant amount of shares of Ply Gem Holdings Inc (NYSE: PGEM) between May 23, 2013 to December 15, 2014, have certain options and should contact the Shareholders Foundation by email at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

The settlement proof of claim form or detailed settlement notice for the settlement in the Ply Gem Holdings Inc (NYSE: PGEM) Investor Securities Class Action Lawsuit can be downloaded at: http://shareholdersfoundation.com/case/ply-gem-holdings-inc-nyse-pgem-investor-securities-class-action-lawsuit-05192014

In order to submit a claim an investor has to submit the claim proof to the class action claim administrator in a timely manner. The deadline to submit the proof with the class administrator is June 29, 2018. The class action administrator for this case is Garden City Group.

The lawsuit was originally filed in the U.S. District Court for the Southern District of New York against Ply Gem Holdings Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between May 22, 2013 to May 19, 2014.

According to the complaint the plaintiff alleges on behalf of purchasers of Ply Gem Holdings Inc (NYSE: PGEM) common shares pursuant and/or traceable to Ply Gem Holdings Inc's May 22, 2013 initial public offering ("IPO"), that the defendants violated the Securities Act of 1933.

On or about May 22, 2013, the SEC declared effective Ply Gem Holdings Inc's Form S-1 Registration Statement, as amended (the "Registration Statement") for the IPO. The plaintiff 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 Holdings Inc's future operating results.

The plaintiff claims that these material events included that Ply Gem Holdings Inc 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, that the Supply Agreement required that Ply Gem Holdings Inc initially sell Home Depot Inc a large volume of lower-priced, lower-margin product, that Ply Gem Holdings Inc 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 Inc, that April 2013 was a particularly poor month for Ply Gem Holdings Inc, with management noting that "maybe it wasn't our worst April in eight years, but it was our worst in a while" and that high customer inventory at the end of the first quarter was adversely affecting the demand for and sales of Ply Gem Holdings Inc's siding products in April 2013 and May 2013.

Furthermore, the plaintiff claims that the Registration Statement failed to disclose all material risks and changes in Ply Gem Holdings Inc's business affairs as required pursuant to the instructions of Form S-1.

Ply Gem Holdings Inc reported that its annual Total Revenue rose from over $1.12 billion in 2012 to over $1.36 billion in 2013 while its respective Net Loss increased from $39.05 million to $79.52 million.

Those who purchased shares of Ply Gem Holdings Inc (NYSE: PGEM) 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

For more information on this press release visit:
http://www.sbwire.com/press-releases/deadline-upcoming-in-259-million-settlement-in-the-ply-gem-holdings-inc-nyse-pgem-investor-lawsuit-991680.htm

Media Relations Contact
Michael Daniels
858-779-1554
Email: Click to Email Michael Daniels
Web: http://www.ShareholdersFoundation.com