An investor in NYSE:VSTO shares filed a lawsuit against Vista Outdoor Inc over alleged violations of Federal Securities Laws.
Investors who purchased shares of Vista Outdoor Inc (NYSE:VSTO) have certain options and should contact the Shareholders Foundation at email@example.com or call +1(858) 779 – 1554.
The plaintiff claims that the 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, including that Vista Outdoor Inc was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity, that, as such, Vista Outdoor was experiencing both revenue and gross margin declines, 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 fiscal year 2017 (“FY17”) annual financial statements, that, as a result, the Company would have to recognize an impairment charge in the range of $400 million to $450 million, and that, as a result of the foregoing, Defendants’ statements about Vista Outdoor’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis.
On January 11, 2017, Vista Outdoor Inc (NYSE:VSTO) announced that it expects 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. Vista Outdoor Inc (NYSE:VSTO) said that the Company’s preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million. Shares of Vista Outdoor Inc (NYSE:VSTO) declined to as low as $26.91 per share on January 19, 2017.
Those who purchased NYSE:VSTO shares have certain options and should contact the Shareholders Foundation.
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