Bronstein, Gewirtz & Grossman, LLC, a nationally recognized law firm, notifies investors that a class action lawsuit has been filed against Hayward Holdings, Inc. ("Hayward Holdings" or the "Company") (NASDAQ: HAYW) and certain of its officers.
Class Definition:
This lawsuit seeks to recover damages against Defendants for alleged violations of the federal securities laws on behalf of all persons and entities that purchased or otherwise acquired Hayward Holdings securities between March 2, 2022 and July 27, 2022, inclusive (the "Class Period"). Such investors are encouraged to join this case by visiting the firm's site: www.bgandg.com/hayw.
Case Details:
The complaint alleges that throughout the Class Period, Defendants made materially false and misleading statements regarding the Company's business, operations, and prospects. Specifically, Defendants made false and/or misleading statements and/or failed to disclose that: (1) Hayward Holdings and its management had engaged in a channel-stuffing scheme designed to artificially boost Hayward Holdings’ short-term sales and earnings; (2) Hayward Holdings had flooded its channel partners with inventory that they did not want or need at a level that far outpaced then-existing consumer demand; (3) Hayward Holdings’ channel partners were suffering from an inventory glut as a result of the channel-stuffing scheme that would require a massive de-stocking in the second half of 2022; (4) Hayward Holdings’ channel-stuffing scheme had cannibalized future sales, materially impairing Hayward Holdings’ ability to sell to its customers; (5) the demand for pool equipment had slowed down, which, combined with flooding channel partners with more inventory, led to an inventory glut and the need for these channel partners to reduce inventory levels; and (6) as a result of the above, Hayward Holdings’ projected 2022 financial results were not achievable and lacked a reasonable basis in fact.
What's Next?
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint, you can visit the firm's site: www.bgandg.com/hayw or you may contact Peretz Bronstein, Esq. or his Law Clerk and Client Relations Manager, Yael Nathanson of Bronstein, Gewirtz & Grossman, LLC at 332-239-2660. If you suffered a loss in Hayward Holdings you have until October 2, 2023, to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Why Bronstein, Gewirtz & Grossman:
Bronstein, Gewirtz & Grossman, LLC is a nationally recognized firm that represents investors in securities fraud class actions and shareholder derivative suits. Our firm has recovered hundreds of millions of dollars for investors nationwide.
Attorney advertising. Prior results do not guarantee similar outcomes.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230814035842/en/
Contacts
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Nathanson
332-239-2660 | info@bgandg.com
