Press release
Lawsuit filed for Investors who lost money with shares of The Scotts Miracle-Gro Company (NYSE: SMG)
A lawsuit was filed on behalf of investors in The Scotts Miracle-Gro Company (NYSE: SMG) shares.
Investors who purchased shares of The Scotts Miracle-Gro Company (NYSE: SMG) have certain options and for certain investors are short and strict deadlines running. Deadline: August 5, 2024. NYSE: SMG investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Marysville, OH based The Scotts Miracle-Gro Company, together with its subsidiaries, manufactures, markets, and sells products for lawn, garden care, and indoor and hydroponic gardening in the United States and internationally.
On June 8, 2022, Scotts Miracle-Gro issued a press release admitting that replenishment orders from its U.S. retailers were more than $300 million below target in the month of May. The Company told investors that its full-year 2022 earnings would be roughly half its prior guidance and announced plans to take on additional debt to cover restructuring charges. On this news, the price of Scotts Miracle-Gro shares declined by $9.05 per share, from $102.18 per share on June 7, 2022, to close at $97.13 per share on June 8, 2022.
On August 2, 2023, Scotts Miracle-Gro issued a press release announcing its financial results for its fiscal year 2023 third quarter ended July 1, 2023. In the press release, the Company disclosed that it had amended its debt covenants, with the most significant amendment being that the Company had to modify its debt covenants to permit a 7.00 times debt-to-EBITDA ratio, from the original covenant that only permitted a 6.25 times debt-to-EBITDA ratio. The same day, Scotts Miracle-Gro held earnings call to discuss the Company's financial results. Scotts Miracle-Gro revealed that quarterly sales for its fiscal third quarter had declined by 6%, and gross margins fell by 420 basis points. The Company also slashed fiscal year EBITDA guidance by 25% and announced a $20 million write down for "pandemic driven excess inventories." On this news, the price of Scotts Miracle-Gro shares declined by $13.58 per share, or approximately 19%, from $71.44 per share on August 1, 2023, to close at $57.86 per share on August 2, 2023.
The plaintiff claims that between November 3, 2021 and August 1, 2023, that the Defendants repeatedly assured investors that the Company's inventory levels were appropriate, while attributing strong sales to "selling through high-cost inventory," which resulted in "peak selling" and "record" shipments, that the Defendants repeatedly assuaged investors' concerns about the Company's debt, stating that they were "optimistic we will remain within the bounds of our bank covenants" and "[did] not see leverage compliance issues going forward", and that as a result of these misrepresentations, Scotts common stock traded at artificially inflated prices between November 3, 2021 and August 1, 2023.
Those who purchased shares of The Scotts Miracle-Gro Company (NYSE: SMG) have certain options and should contact the Shareholders Foundation.
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 lawsuits, 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.
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