Vista investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, Vista is purportedly a designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. Vista operates in two segments, Shooting Sports and Outdoor Products.
The Class Period commences on August 11, 2016 when Vista issued a press release entitled “Vista Outdoor Announces FY17 First Quarter Operating Results Vista Outdoor Reaffirms FY17 Financial Guidance.”
According to the complaint, on January 11, 2017, Vista issued a press release entitled “Vista Outdoor Announces Expected Non-Cash Intangible Asset Impairment Charge.” Therein, Vista disclosed that it expected to record a material, non-cash intangible asset impairment charge in its Hunting and Shooting Accessories reporting unit in the third quarter of its fiscal year 2017 (“FY17”). Following this news, shares of Vista fell $8.21 per share, or 21.7%, to close at $29.58 per share on January 12, 2017, on unusually heavy trading volume.
Then, on January 13, 2017, Vista disclosed that Kelly Grindle was being replaced by Dave Allen as President of the company’s Outdoor Products segment. Following this news, shares of Vista fell $0.88 per share, to close at $28.70 per share on January 13, 2017, on unusually heavy trading volume. The complaint alleges that, throughout the Class Period, the defendants failed to disclose: (1) that Vista was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity; (2) that, as such, Vista was experiencing both revenue and gross margin declines; (3) that, as a result of the foregoing, the company would have to begin the impairment assessment for its Outdoor Products segment’s reporting units in the third quarter of 2017, rather than with the preparation of the company’s FY17 annual financial statements; (4) that, as a result, the company would have to recognize an impairment charge in the range of $400 million to $450 million; and (5) that, as a result of the foregoing, the defendants’ statements about Vista’s business, operations, and prospects, were false and misleading and/or lacked a rational basis.
If you are a member of the class described above, you may no later than March 27, 2017 move the Court to serve as lead plaintiff of the class, if you so choose.
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 will adequatley represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. 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 toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at info@ktmc.com.
CONTACT:
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7704 (toll free) or 1-610-667-7706
Or by e-mail at info@ktmc.com