| COMPANY |
Hayward Holdings, Inc. |
| COURT |
United States District Court for the District of New Jersey |
| CASE NUMBER |
23-cv-04146 |
| JUDGE |
The Hon. William J. Martini |
| CLASS PERIOD |
October 27, 2021 and July 28, 2022 |
| SECURITY TYPE |
Common Stock |
Case Background:
A class action lawsuit has been filed on behalf of those who purchased or acquired Hayward Holdings, Inc. (“Hayward”) (NASDAQ: HAYW) common stock between March 2, 2022 and July 27, 2022, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Hayward and its management had engaged in a channel-stuffing scheme designed to artificially boost Hayward’s short-term sales and earnings; (2) Hayward had flooded its channel partners with inventory that they did not want or need at a level that far outpaced then-existing consumer demand; (3) Hayward’s channel partners were suffering from an inventory glut as a result of the channel-stuffing scheme that would require a massive de-stocking in the second half of 2022; (4) Hayward’s channel-stuffing scheme had cannibalized future sales, materially impairing Hayward’s ability to sell to its customers; (5) the demand for pool equipment had slowed down, which, combined with flooding channel partners with more inventory, led to an inventory glut and the need for these channel partners to reduce inventory levels; and (6) as a result of the above, Hayward’s projected 2022 financial results were not achievable and lacked a reasonable basis in fact.
Current Status of Case:
On December 19, 2023, the Court entered an Opinion and an Order consolidating cases, appointing Lead Plaintiff, and appointing Lead Counsel. This action is ongoing.
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP: Jonathan Naji, Esq. (484) 270-1453 or via e-mail at info@ktmc.com. If you would like additional information about the suit, please click on the link "Submit Your Information" above and fill out the form as promptly as possible.