openPR Logo
Press release

Lawsuit filed for Investors in shares of Covetrus, Inc. (NASDAQ: CVET)

10-08-2019 04:12 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Shareholders Foundation

A lawsuit was filed on behalf of investors in Covetrus, Inc. (NASDAQ: CVET) shares over alleged securities laws violations.

A lawsuit was filed on behalf of investors in Covetrus, Inc. (NASDAQ: CVET) shares over alleged securities laws violations.

The Shareholders Foundation announced that an investor, who purchased shares of Covetrus, Inc. (NASDAQ: CVET), filed a lawsuit over alleged violations of Federal Securities Laws by Covetrus, Inc.

Investors who purchased shares of Covetrus, Inc. (NASDAQ: CVET) have certain options and for certain investors are short and strict deadlines running. Deadline: November 29, 2019. NASDAQ: CVET investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Portland, ME based Covetrus, Inc. operates as an animal-health technology and services company. It operates through two segments, Supply Chain, and Technology and Value-Added Services. Covetrus, Inc was formed through a spin-off and merger of the Animal Health Business of Henry Schein with Vets First Choice (“VFC”), a privately-held company, to create what the Company described to investors as the “only global animal health technology and services company.”

On August 13, 2019, before the market opened, Covetrus, Inc shocked investors by reporting a net loss of $0.09 per share for the second quarter of 2019 compared to consensus analyst estimates of $0.17 in net income per share. Covetrus, Inc also slashed its 2019 EBITDA guidance to just $200 million, down substantially from its prior EBITDA guidance of approximately $250 million issued in February and May 2019, only a few months prior. In doing so, The plaintiff says Covetrus, Inc admitted that itwould have to spend tens of millions of dollars more in infrastructure spending and redundant costs, and that Covetrus, Inc also admitted previously undisclosed difficulties integrating the platforms and disclosed increased spending to eliminate obligations to Henry Schein as part of the spin-off agreement.

Shares of Covetrus, Inc. (NASDAQ: CVET) declined to as low as $11.46 per share on September 26, 2019.

The plaintiff claims that between February 8, 2019 and August 12, 2019, the Defendants’ representations to investors overstated Covetrus’ capabilities with regard to inventory management and supply chain services, understated the costs of the integration of Henry Schein’s Animal Health Business and VFC, including the timing and nature of those costs, understated Covetrus’ separation costs from Henry Schein, and understated the impact on earnings from online competition and alternative distribution channels as well as the impact of the loss of a large customer in North America just prior to the Company’s separation from Henry Schein.

Those who purchased shares of Covetrus, Inc. (NASDAQ: CVET) have certain options and should contact the Shareholders Foundation.

Media Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities class actions, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.

Permanent link to this press release:

Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.

You can edit or delete your press release Lawsuit filed for Investors in shares of Covetrus, Inc. (NASDAQ: CVET) here

News-ID: 1844691 • Views: 206

More Releases from Shareholders Foundation

Investigation announced for Investors in shares of So-Young International Inc. ( …
So-Young International Inc. (NASDAQ: SY) is under investigation over potential securities laws violations in connection with certain financial statements. Investors who purchased shares of So-Young International Inc. (NASDAQ: SY), have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm focuses on possible claims on behalf of purchasers of the securities of So-Young International Inc. (NASDAQ: SY) concerning whether a
Investigation announced for Long-Term Investors in Cloudera, Inc. (NYSE: CLDR)
An investigation was announced concerning potential breaches of fiduciary duties by certain directors and officers of Cloudera, Inc. (NYSE: CLDR). Investors who are current long term investors in Cloudera, Inc. (NYSE: CLDR) shares, have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm for current long term investors in Cloudera, Inc. (NYSE: CLDR stocks follows a lawsuit filed
NASDAQ: TSG Investor Notice: Investigation announced over Takeover of The Stars …
An investigation was announced concerning whether the takeover of The Stars Group Inc. is unfair to NASDAQ: TSG stockholders. Investors who purchased shares of The Stars Group Inc. (NASDAQ: TSG) and currently hold any of those NASDAQ: TSG shares have certain options and should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554. The investigation by a law firm concerns whether certain officers and directors of The Stars Group
Deadline on Oct. 14th coming up in Lawsuit filed for certain Investors in CVS He …
A deadline is coming up on October 14, 2019 in the lawsuit filed for certain investors of CVS Health Corporation (NYSE: CVS) over alleged securities laws violations by CVS Health Corporation. Investors who purchased shares of CVS Health Corporation (NYSE: CVS) have certain options and there are strict and short deadlines running. Deadline: October 14, 2019. NYSE: CVS stockholders should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 -

All 5 Releases


More Releases for Covetrus

Veterinary Software Market Growth analysis Outlook to 2027 by key players ClienT …
Veterinary software is an integrated system designed for small as well as medium practices. The veterinary software market is anticipated to grow in the forecast, owing to growing animal health expenditure as well as increase in the number of veterinary practitioners. In addition, the opportunities from developing economies is expected to offer significant growth opportunities in the market during the forecast period. The "Global Veterinary Software Market Analysis to 2027" is