SHAREHOLDER ALERT: Pomerantz law firm investigating claims on behalf of…

SHAREHOLDER ALERT: Pomerantz law firm investigating claims on behalf of…


NEW YORK, May 21, 2023 (GLOBE NEWSWIRE) — Pomerantz LLP is investigating claims on behalf of investors in Stanley Black & Decker, Inc. (“Stanley” or the “Company”) SWK. Such investors are advised to contact Robert S. Willoughby at or 888-476-6529, extension 7980.

The investigation addresses whether Stanley and certain of its officers and/or directors have engaged in securities fraud or other illegal business practices.

[Click here for information about joining the class action]

On April 28, 2022, Stanley announced that the company’s tools and outdoor net sales for the first fiscal quarter of 2022 decreased to $4.4 billion and that accordingly Stanley had revised its earnings per share (“EPS”) guidance for The company also announced that Stanley’s gross margin “dipped 610 basis points year-over-year as price realization was more than offset primarily by commodity inflation, higher supply chain costs to meet demand and lower volumes.” As a result of this news, Stanley’s stock price fell $12.01 per share, or 8.6%, to close on April 28, 2022 at $127.13 per share.

Then, on July 28, 2022, Stanley issued a press release reporting its second quarter financial results. In the press release, Stanley said that “demand dropped significantly in late May and June.” [] “Most of the challenges we faced this quarter were the cause” and that “[a]s The weakening of the demand environment accelerated rapidly in the latter part of the quarter. . . [w]”We are now preparing for demand to normalize closer to 2019 levels for the remainder of 2022.” In a conference call the same day, the company said that due to a sharp slowdown in consumer demand for power tools in May Through June 2022, sales volumes actually shrunk by double digits, the company’s net income fell to $87.6 million in the second quarter compared to $459.5 million in the same period last year, and Stanley was on track with its EPS guidance lowered for 2022…

Source story

More to explorer