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This may be slightly older info, but I did not see it posted here before:
Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Sturm, Ruger & Company, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the District of Connecticut on behalf of a class consisting of all persons or entities who purchased the common stock of Sturm, Ruger & Company, Inc. ("Sturm, Ruger" or the "Company") (RGR) between April 23, 2007 and October 29, 2007, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at .
The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. Sturm, Ruger engages in the design, manufacture and sale of firearms in the United States. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Sturm, Ruger's operations, financial performance, and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (a) reductions in inventory balances by Sturm, Ruger in the first and second quarters of 2007 had reduced the Company's parts and components inventories below efficient levels, preventing Sturm, Ruger's manufacturing units from meeting production and shipment schedules and resulting in the Company's inability to sustain current or historical sales levels; (b) Sturm, Ruger's "backlog" of unfilled purchase orders was materially inflated because of the Company's inability to meet current production and shipping schedules due to inventory shortages; (c) defendants misrepresented the actual demand for the Company's products; (d) Sturm, Ruger's independent distributors were carrying large quantities of the Company's unsold products, increasing the risk that these distributors would reduce or curtail future purchases; and (e), based on the foregoing, defendants had no reasonable basis for their positive statements concerning Sturm, Ruger's financial performance and prospects.
On October 24, 2007, Sturm, Ruger announced that its firearm sales for third quarter 2007 fell 26%. In addition, a letter to the Company's shareholders, signed by the Company's chief executive officer, disclosed that "we had reduced component part inventories too deeply across too many product lines simultaneously, which was a principal cause of our reduced production volume during the quarter." As a result of this news, the price of Sturm, Ruger common stock fell by $6.45 per share, or more than 37%, on volume of 4.1 million shares traded.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than October 13, 2009, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
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Glancy Binkow & Goldberg LLP, Representing Investors Who Purchased Sturm, Ruger & Company, Inc., Announces Class Action Lawsuit and Seeks to Recover Losses
Notice is hereby given that Glancy Binkow & Goldberg LLP has filed a class action lawsuit in the United States District Court for the District of Connecticut on behalf of a class consisting of all persons or entities who purchased the common stock of Sturm, Ruger & Company, Inc. ("Sturm, Ruger" or the "Company") (RGR) between April 23, 2007 and October 29, 2007, inclusive (the "Class Period").
A copy of the Complaint is available from the court or from Glancy Binkow & Goldberg LLP. Please contact us by phone to discuss this action or to obtain a copy of the Complaint at (310) 201-9150 or Toll Free at (888) 773-9224, by email at info@glancylaw.com, or visit our website at .
The Complaint charges the Company and certain of its executive officers with violations of federal securities laws. Sturm, Ruger engages in the design, manufacture and sale of firearms in the United States. The Complaint alleges that throughout the Class Period defendants knew or recklessly disregarded that their public statements concerning Sturm, Ruger's operations, financial performance, and prospects were materially false and misleading. Specifically, the defendants made false and/or misleading statements and/or failed to disclose that: (a) reductions in inventory balances by Sturm, Ruger in the first and second quarters of 2007 had reduced the Company's parts and components inventories below efficient levels, preventing Sturm, Ruger's manufacturing units from meeting production and shipment schedules and resulting in the Company's inability to sustain current or historical sales levels; (b) Sturm, Ruger's "backlog" of unfilled purchase orders was materially inflated because of the Company's inability to meet current production and shipping schedules due to inventory shortages; (c) defendants misrepresented the actual demand for the Company's products; (d) Sturm, Ruger's independent distributors were carrying large quantities of the Company's unsold products, increasing the risk that these distributors would reduce or curtail future purchases; and (e), based on the foregoing, defendants had no reasonable basis for their positive statements concerning Sturm, Ruger's financial performance and prospects.
On October 24, 2007, Sturm, Ruger announced that its firearm sales for third quarter 2007 fell 26%. In addition, a letter to the Company's shareholders, signed by the Company's chief executive officer, disclosed that "we had reduced component part inventories too deeply across too many product lines simultaneously, which was a principal cause of our reduced production volume during the quarter." As a result of this news, the price of Sturm, Ruger common stock fell by $6.45 per share, or more than 37%, on volume of 4.1 million shares traded.
Plaintiff seeks to recover damages on behalf of class members and is represented by Glancy Binkow & Goldberg LLP, a law firm with significant experience in prosecuting class actions, and substantial expertise in actions involving corporate fraud.
If you are a member of the class described above, you may move the Court, no later than October 13, 2009, to serve as lead plaintiff, however, you must meet certain legal requirements. If you wish to discuss this action or have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, or Richard A. Maniskas, Esquire, of Glancy Binkow & Goldberg LLP, 1801 Avenue of the Stars, Suite 311, Los Angeles, California 90067, by telephone at (310) 201-9150 or Toll Free at (888) 773-9224 or by e-mail to info@glancylaw.com.
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