The Shareholders Foundation announced that an investor, who purchased shares of Coty Inc (NYSE:COTY), filed a lawsuit in the U.S. District Court for the Southern District of New York over alleged violations of Federal Securities Laws by Coty Inc in connection with certain allegedly false and misleading statements.
Investors who purchased or otherwise acquired the common stock of Coty Inc (NYSE:COTY) have certain options and for certain investors are short and should contact the Shareholders Foundation at mail(at)shareholdersfoundation.com or call +1(858) 779 – 1554.
According to the complaint the plaintiff alleges on behalf of persons and/or entities who purchased or otherwise acquired the common stock of Coty pursuant and/or traceable to the Company’s registration statement filed with the U.S. Securities and Exchange Commission on Form S-1/A on May 28, 2013, and prospectus filed with the SEC on Form 424(b)(4) on June 13, 2013 , (collectively the “Registration Statement”), in the Company’s initial public offering, that the defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 because the Registration Statement contained untrue statements of material facts or omitted to state material facts necessary to make the statements made not misleading, and was not prepared in accordance with the applicable SEC rules and regulations governing its preparation.
On September 17, 2013 Coty issued its first financial results as a public company, reporting the Company’s fourth quarter and fiscal year 2013 financial results for the period ending June 30, 2013. Coty Inc (NYSE:COTY) reported that its Total Revenue increased from over $4.61 billion for the 12 months period that ended on June 30, 2012, to over $4.64 billion for the 12 months period that ended on June 30, 2013, and that its Net loss of $324.40 million for the 12 months period that ended on June 30, 2012 turned into a Net Income of $168.00 million for the 12 months period that ended on June 30, 2013. In Coty’s September 17, 2013 press release the Company stated that “over the past few months the Company has seen a deceleration of market growth in the U.S. and Europe, triggering significant destocking activity, particularly by U.S. mass retailers.” Further, the Company said it expects a marginal decline in revenues in the first quarter of fiscal 2014. Shares of Coty Inc (NYSE:COTY) declined from over $17.48 in August 2013 to $13.25 on February 7, 2014.
On May 5, 2014, NYSE:COTY shares closed at $16.15 per share.
Those who purchased shares of Coty Inc (NYSE:COTY) have certain options and should contact the Shareholders Foundation.
Shareholders Foundation, Inc.
3111 Camino Del Rio North – Suite 423
92108 San Diego