Press release
Lawsuit filed for Investors in shares of Stanley Black & Decker, Inc. (NYSE: SWK) over alleged Misleading Statements
An investor, who purchased shares of Stanley Black & Decker, Inc. (NYSE: SWK), filed a lawsuit over alleged violations of Federal Securities Laws by Stanley Black & Decker, Inc..
Investors who purchased shares of Stanley Black & Decker, Inc. (NYSE: SWK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 23, 2023. NYSE: SWK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Before market opened on July 28, 2022, Stanley Black & Decker, Inc. announced results for the second fiscal quarter ended July 2, 2022, including that Fiscal 2022 second quarter gross margin for the quarter was 27.5%, down 800 basis points from the prior year. Stanley announced gross margins were affected by commodity inflation, higher supply chain costs, and lower volume. Additionally, Stanley announced inventory was $6.6 billion, up approximately $400 million compared to first fiscal quarter of 2022. Stanley explained inventories remained elevated versus expectations due to the impact of softer demand and a double-digit decline in volume. Stanley also announced that it was revising its 2022 earnings per share outlook downward to $0.80 to $2.05 on a diluted GAAP basis from $7.20 to $8.30, and on a Non-GAAP adjusted basis to $5.00 to $6.00 from $9.50 to $10.50. Stanley attributed the guidance reduction, in part, to lower second half revenue, primarily driven by slowing consumer demand as reflected in volume, and by moderated expectations for price.
Shares of Stanley Black & Decker, Inc. (NYSE: SWK) declined from over $196 per share in January 2022 to as low as $70.24 per share in October 2022.
The plaintiff claims that between October 28, 2021 and July 28, 2022, the defendants made materially false and/or misleading statements and/or failed to disclose that rising interest rates, inflation, and trends in returning to work away from home were in fact quickly eroding demand for Stanley's tools and outdoor products, that the heightened, extraordinary demand Stanley had enjoyed as a result of the COVID-19 pandemic in 2021 into 2022 no longer existed, that Stanley's operations were already showing signs of slowing demand, that as a result of reorganization, share repurchasing, and dividend growth, Stanley lacked the cash to react with agility to changes in demand, and that as a result of Stanley's inability to react to a sharp decline in demand, the Company's results and metrics, particularly sales volume, were severely negatively impacted.
Those who purchased shares of Stanley Black & Decker, Inc. (NYSE: SWK) 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.
Investors who purchased shares of Stanley Black & Decker, Inc. (NYSE: SWK) have certain options and for certain investors are short and strict deadlines running. Deadline: May 23, 2023. NYSE: SWK investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.
Before market opened on July 28, 2022, Stanley Black & Decker, Inc. announced results for the second fiscal quarter ended July 2, 2022, including that Fiscal 2022 second quarter gross margin for the quarter was 27.5%, down 800 basis points from the prior year. Stanley announced gross margins were affected by commodity inflation, higher supply chain costs, and lower volume. Additionally, Stanley announced inventory was $6.6 billion, up approximately $400 million compared to first fiscal quarter of 2022. Stanley explained inventories remained elevated versus expectations due to the impact of softer demand and a double-digit decline in volume. Stanley also announced that it was revising its 2022 earnings per share outlook downward to $0.80 to $2.05 on a diluted GAAP basis from $7.20 to $8.30, and on a Non-GAAP adjusted basis to $5.00 to $6.00 from $9.50 to $10.50. Stanley attributed the guidance reduction, in part, to lower second half revenue, primarily driven by slowing consumer demand as reflected in volume, and by moderated expectations for price.
Shares of Stanley Black & Decker, Inc. (NYSE: SWK) declined from over $196 per share in January 2022 to as low as $70.24 per share in October 2022.
The plaintiff claims that between October 28, 2021 and July 28, 2022, the defendants made materially false and/or misleading statements and/or failed to disclose that rising interest rates, inflation, and trends in returning to work away from home were in fact quickly eroding demand for Stanley's tools and outdoor products, that the heightened, extraordinary demand Stanley had enjoyed as a result of the COVID-19 pandemic in 2021 into 2022 no longer existed, that Stanley's operations were already showing signs of slowing demand, that as a result of reorganization, share repurchasing, and dividend growth, Stanley lacked the cash to react with agility to changes in demand, and that as a result of Stanley's inability to react to a sharp decline in demand, the Company's results and metrics, particularly sales volume, were severely negatively impacted.
Those who purchased shares of Stanley Black & Decker, Inc. (NYSE: SWK) 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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