For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003. According to the complaint, at the start of the class period, Scotts had an oversupply of inventory that far exceeded consumer demand. Recognizing that problem, Scotts executives engaged in a scheme to saturate the Company's sales channel with more product than those retailers could sell through to end users, a practice that required Scotts sales personnel to pressure retailers to purchase more invento ...

Core Viewpoint - A class action lawsuit has been filed against The Scotts Miracle-Gro Company, alleging that the company misled investors regarding its inventory levels, debt compliance, and financial performance during the Class Period from November 3, 2021, to August 1, 2023 [8][9]. Company Overview - Scotts produces a variety of lawn, garden, and agricultural products for both consumer and professional markets and is the largest marketer of branded consumer products for lawn and garden care [5]. - In 2014, Scotts established The Hawthorne Gardening Company, focusing on hydroponics for the cannabis market [5]. Allegations and Financial Disclosures - The complaint alleges that Scotts executives engaged in a scheme to inflate sales by saturating sales channels with excess inventory, allowing the company to book revenue from distributor sales and maintain earnings to debt ratios just above required levels [2][9]. - On June 8, 2022, Scotts disclosed that replenishment orders from U.S. retailers were $300 million below target for May, leading to a significant cut in its 2022 earnings guidance by approximately 50% and plans to incur additional debt for restructuring [6][9]. - Throughout the Class Period, Scotts allegedly made false statements about inventory levels and debt compliance, assuring investors that inventory was appropriate and that there were no leverage compliance issues [9][12]. Financial Performance and Impact - On August 2, 2023, Scotts reported a 6% decline in quarterly sales and a 420 basis point drop in gross margins, along with a 25% reduction in fiscal year EBITDA guidance and a $20 million write-down for excess inventories [13]. - The company modified its debt covenants from a 6.25 times debt-to-EBITDA ratio to 7.00 times, indicating increased financial strain [13].

The Complaint alleges that Defendants made false and/or misleading statements and/or failed to disclose that: (i) Scotts Miracle-Gro had an oversupply of inventory that far exceeded consumer demand; and (ii) Scotts Miracle-Gro executives engaged in a scheme to saturate Scotts Miracle-Gro's sales channel with more product than those retailers could sell through to end users, a practice that required Scotts Miracle-Gro sales personnel to pressure retailers to purchase more inventory than they wanted or needed ...

https://www.rgrdlaw.com/cases-the-scotts-miracle-gro-company-class-action-lawsuit-smg.html CASE ALLEGATIONS: Scotts Miracle-Gro produces various lawn, garden, and agricultural products for both consumer and professional purposes. If you suffered substantial losses and wish to serve as lead plaintiff of the Scotts Miracle-Gro class action lawsuit, please provide your information here: You can also contact attorneys J.C. Sanchez or Jennifer N. Caringal of Robbins Geller by calling 800/449- 4900 or via e-mail ...

Core Insights - The Scotts Miracle-Gro Company reaffirms its two-year free cash flow target of $1 billion and plans to pay down $350 million in debt during fiscal year 2024 [1][2] - The company projects non-GAAP adjusted EBITDA in the range of $530 to $540 million, representing a 20% improvement year-over-year [2][3] - The U.S. Consumer segment is expected to see sales growth of 5 to 7 percent, a revision from earlier guidance of high single-digit growth [2] Financial Performance - The company anticipates a full-year non-GAAP gross margin improvement of at least 250 basis points [1][2] - It expects to reduce leverage to below 5 times EBITDA by the end of the fiscal year [1][4] - The Project Springboard cost-saving initiative is projected to deliver annualized savings of at least $300 million by the end of fiscal 2024 [3] Strategic Initiatives - The company is focused on tightly managing expenses and free cash flow to achieve its debt reduction goals while investing in brands and marketing [3][4] - The Hawthorne segment is expected to achieve break-even or better in non-GAAP adjusted EBITDA by year-end [2] Market Position - Scotts Miracle-Gro is the world's largest marketer of branded consumer lawn and garden products, with approximately $3.6 billion in sales [5]

Core Insights - The Scotts Miracle-Gro Company reaffirms its two-year free cash flow target of $1 billion and plans to pay down $350 million in debt during fiscal year 2024 [1][2] - The company projects non-GAAP adjusted EBITDA in the range of $530 to $540 million, representing a 20% improvement year-over-year [2][3] - The U.S. Consumer segment is expected to see sales growth of 5 to 7 percent, a revision from earlier guidance of high single-digit growth [2] Financial Performance - The company anticipates a full-year non-GAAP gross margin improvement of at least 250 basis points [1][2] - It aims to reduce leverage to below 5 times EBITDA by the end of the fiscal year [1][4] - The Project Springboard cost-saving initiative is expected to deliver annualized savings of at least $300 million by the end of fiscal 2024 [3] Strategic Initiatives - The company is focused on tightly managing expenses and free cash flow to achieve its debt reduction goals while investing in brands and marketing [3][4] - The Hawthorne segment is projected to achieve break-even or better in non-GAAP adjusted EBITDA by year-end [2] Market Position - Scotts Miracle-Gro is the world's largest marketer of branded consumer products for lawn and garden care, with approximately $3.6 billion in sales [5]

USA News Group Commentary Issued on behalf of Bee Vectoring Technologies International Inc. VANCOUVER, BC, May 30, 2024 /PRNewswire/ -- USA News Group – The current global food security situation is generating calls for international collaboration and strategies. A recent example titled The Case for U.S.-China Cooperation on Climate-Smart from the Center for Strategic & International Studies highlights the critical roles of two of the world's biggest economic superpowers. Currently, the International Atomic ...

Combined Company's footprint will provide access to Florida, New York, Texas, and Pennsylvania, with significant growth potential and future regulatory catalysts in all four states Combined Company expected to leverage Cansortium's robust operating expertise as well as RIV Capital's ~US$66 million1,2 cash balance, strengthening both its operating and financial position Transaction has the support of ScottsMiracle-Gro, which intends to exchange its existing convertible notes in RIV Capital for a new class of ...

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Group 1 - The Scotts Miracle-Gro Company will participate in the William Blair 44th Annual Growth Conference on June 6, 2024, in Chicago [1] - Matt Garth, Chief Financial and Administrative Officer, will present a business update at approximately 8:00 CT, with a live webcast available for investors [2] - The company reported approximately $3.6 billion in sales, making it the world's largest marketer of branded consumer lawn and garden care products [3] Group 2 - The company's brands, including Scotts®, Miracle-Gro®, and Ortho®, are market leaders in their respective categories [3] - The Hawthorne Gardening Company, a wholly-owned subsidiary, is a leading provider of nutrients, lighting, and materials for indoor and hydroponic growing [3]