Core Viewpoint - A securities class action lawsuit has been filed against The Scotts Miracle-Gro Company, with a deadline for lead plaintiff applications set for August 5, 2024, for investors who purchased shares between November 3, 2021, and August 1, 2023 [1]. Group 1 - The lawsuit is based on allegations that Scotts and certain executives failed to disclose material information during the class period, violating federal securities laws [5]. - On August 2, 2023, Scotts reported disappointing financial results, including a 6% decline in quarterly sales for the fiscal third quarter, a 420 basis point drop in gross margin, a 25% cut to fiscal year EBITDA guidance, and a $20 million write-down of excess inventories due to the pandemic [3]. - Following the financial disclosure, Scotts' share price fell by $13.58, or 19%, from $71.44 on August 1, 2023, to $57.86 on August 2, 2023 [7]. Group 2 - ClaimsFiler serves as a resource for retail investors to recover funds from securities class action settlements, offering free registration for access to information and settlement websites [6]. - Investors can upload their portfolio transactional data to receive notifications about relevant securities cases and submit inquiries for free case evaluations [6].

Scotts Miracle-Gro Company - The company was highly leveraged during the Class Period, with a key covenant requiring a debt-to-EBITDA ratio under 6.25, which it failed to maintain [1][3] - Executives allegedly engaged in a scheme to inflate sales by saturating sales channels with excess inventory, allowing the company to book revenue from distributors [2][10] - On August 2, 2023, the company reported a 6% decline in quarterly sales and a 420 basis point drop in gross margins, while slashing fiscal year EBITDA guidance by 25% and taking a $20 million write down for excess inventories [3][11] - The company modified its debt covenants from a 6.25 to a 7.00 times debt-to-EBITDA ratio, leading to a significant decline in stock price [3][10] Gritstone bio, Inc. - In September 2023, the company entered a contract with BARDA to conduct a 10,000 participant Phase 2b study for its COVID-19 vaccine candidate, which would be fully funded by BARDA [5] - The launch of the Phase 2b study was delayed until Fall 2024 to ensure the use of GMP-grade raw materials, resulting in a 27.86% drop in stock price [6][14] - The company faced challenges in launching the study as anticipated, which affected its ability to secure external funding and maintain its financial position [14][15]

Core Viewpoint - A class action lawsuit has been filed against The Scotts Miracle-Gro Company for allegedly making materially false and misleading statements regarding its inventory levels, debt compliance, and financial performance during the Class Period from November 3, 2021, to August 1, 2023 [1][9]. Group 1: Lawsuit Details - The lawsuit claims that defendants assured investors that Scotts' inventory levels were appropriate and that they would remain compliant with debt covenants, which led to artificially inflated stock prices [9]. - When the true financial situation was revealed, investors reportedly suffered damages due to these misrepresentations [9]. Group 2: Participation Information - Investors who purchased Scotts common stock during the Class Period may be entitled to compensation without any out-of-pocket fees through a contingency fee arrangement [8]. - Interested parties can join the class action by visiting the provided link or contacting the law firm directly [6][8].

Core Viewpoint - A class action lawsuit has been filed against The Scotts Miracle-Gro Company for violations of federal securities laws, impacting investors who purchased stock between November 3, 2021, and August 1, 2023 [1][4] Group 1: Lawsuit Details - The lawsuit alleges that Scotts Miracle-Gro made false or misleading statements and failed to disclose significant issues, including an oversupply of inventory that exceeded consumer demand [4] - Executives of Scotts Miracle-Gro are accused of pressuring retailers to purchase more inventory than they needed, leading to a saturation of the sales channel [4] Group 2: Investor Impact - Following the revelation of these issues, Scotts' common stock experienced a significant decline, resulting in financial injury to investors [2] - Investors who suffered losses exceeding $100,000 are encouraged to participate in the lawsuit [5] Group 3: Legal Representation - Lowey Dannenberg P.C. is representing the investors in this class action, highlighting their experience in prosecuting multi-million-dollar lawsuits and recovering billions for clients [6]

Core Viewpoint - The Scotts Miracle-Gro Company is facing a class action lawsuit due to allegations of misleading investors regarding its business prospects and financial performance during the class period from November 3, 2021, to August 1, 2023 [6][7]. Company Overview - Scotts Miracle-Gro produces a variety of lawn, garden, and agricultural products for both consumer and professional markets [6]. Allegations and Financial Performance - The complaint states that Scotts had an oversupply of inventory that exceeded consumer demand, leading to a scheme where sales personnel pressured retailers to purchase more inventory than needed [2]. - On August 2, 2023, Scotts announced its financial results for the third quarter of fiscal year 2023, revealing a 6% decline in quarterly sales and a 420 basis point drop in gross margins [7]. - The company amended its debt covenants, increasing the permitted debt-to-EBITDA ratio from 6.25 to 7.00 times [7]. - Scotts slashed its fiscal year EBITDA guidance by 25% and took a $20 million write-down for excess inventories driven by the pandemic [7]. - Following this announcement, Scotts' stock price fell by $13.58 per share, or 19%, from $71.44 on August 1, 2023, to $57.86 on August 2, 2023 [7].

Core Insights - Scotts Miracle-Gro Company reported a 6% decline in quarterly sales for its fiscal third quarter and a 420 basis point drop in gross margins [5] - The company reduced its fiscal year EBITDA guidance by 25% and announced a $20 million write-down of excess inventories attributed to the pandemic [5] - Scotts modified its debt covenants, increasing the debt-to-EBITDA ratio from 6.25 to 7.00 times [5] Legal Context - A securities class action lawsuit has been filed against Scotts and certain officers for alleged violations of the Securities Exchange Act of 1934, covering the period from November 3, 2021, to August 1, 2023 [8] - The lawsuit claims that the company made materially false and misleading statements regarding inventory levels, debt compliance, and financial performance [6] - Following the announcement of the financial results, Scotts' stock price fell by $13.58, or over 19%, closing at $57.86 per share on August 2, 2023 [9]

Faruqi & Faruqi, LLP Securities Litigation Partner James (Josh) Wilson Encourages Investors Who Suffered Losses Exceeding $100,000 In Scotts To Contact Him Directly To Discuss Their Options As detailed below, the complaint alleges that the Company and its executives violated federal securities laws by making false and/or misleading statements and/or failing to disclose that: the Company's inventory levels, debt covenant compliance, and financial performance. Specifically, Defendants repeatedly assured inves ...

Core Viewpoint - The Scotts Miracle-Gro Company is facing legal scrutiny due to significant financial misrepresentations and a decline in stock value, prompting a class action lawsuit for investors who suffered losses exceeding $100,000 between November 3, 2021, and August 1, 2023 [8][9]. Financial Performance - On June 8, 2022, Scotts disclosed that replenishment orders from U.S. retailers were over $300 million below target for May, leading to a drastic reduction in full-year earnings guidance to approximately half of previous estimates [2]. - For the fiscal third quarter on August 2, 2023, Scotts reported a 6% decline in quarterly sales and a 420 basis point drop in gross margins, alongside a 25% cut in fiscal year EBITDA guidance and a $20 million write-down of excess inventories [3]. - The company modified its debt covenants from a 6.25 times debt-to-EBITDA ratio to 7.00 times, indicating increased financial strain [3]. Stock Price Impact - Following the June 2022 disclosures, Scotts' stock price fell by $9.05, or nearly 9%, from $102.18 to $93.13 per share [11]. - On August 2, 2023, the stock price dropped by $13.58, or 19%, from $71.44 to $57.86 per share after the company’s negative financial announcements [12]. Legal Proceedings - A federal securities class action has been filed against Scotts, with a deadline of August 5, 2024, for investors to seek the role of lead plaintiff [8]. - The complaint alleges that Scotts and its executives violated federal securities laws by making false statements regarding inventory levels, debt compliance, and overall financial performance, which led to artificially inflated stock prices during the class period [10].

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of common stock of The Scotts Miracle-Gro Company (NYSE: SMG) between November 3, 2021 and August 1, 2023, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2024. WHAT TO DO NEXT: To join the Scotts class action, go to https://rosenlegal.com/submit-form/? c ...

WHY: Rosen Law Firm, a global investor rights law firm, announces the filing of a class action lawsuit on behalf of purchasers of common stock of The Scotts Miracle-Gro Company (NYSE: SMG) between November 3, 2021 and August 1, 2023, both dates inclusive (the "Class Period"). A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than August 5, 2024. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of succe ...