Spectrum Brands Holdings, Inc.
Rigrodsky Law, P.A. is investigating potential claims against the officers and directors of Spectrum Brands Holdings, Inc. (“Spectrum”) on behalf of stockholders. The investigation concerns allegations that Spectrum's officers and directors falsely stated that Spectrum was successfully executing two major supply chain consolidation projects in its Home & Hardware Improvement (“HHI”) and Global Auto Care (“GAC") divisions. On April 26, 2018, Spectrum disclosed disappointing financial results for the second quarter of 2018 based on poorly executed consolidation projects. Spectrum’s stock price dropped from $93.14 to $72.56 per share. Spectrum's officers and directors then represented that the problems at the GAC and HHI facilities were being promptly corrected. However, on November 16, 2018, Spectrum disclosed a $92.5 million goodwill write-down for GAC, again due to poorly executed consolidations. Spectrum’s stock price declined from $59.35 to $48.05 per share. Finally, on January 2, 2019, Spectrum sold the entire GAC division to Energizer Holdings, Inc.