SHAREHOLDER ALERT: Pomerantz Law Firm Announces Filing of Class Action Lawsuit Against Scotts Miracle-Gro Company

NEW YORK, July 2, 2024 /PRNewswire/ — Pomerantz LLP announces that a class action lawsuit has been filed against The Scotts Miracle-Gro Company (“Scotts” or the “Company”) (NYSE: SMG). Investors are advised to contact Danielle Peyton has (protected email) or 646-581-9980 (or 888.4-POMLAW), toll-free, ext. 7980. Persons inquiring by e-mail are encouraged to include their mailing address, telephone number and number of shares purchased.

The class action concerns whether Scotts and certain of its officers and/or directors engaged in securities trading. fraud or other illegal business practices.

You have until August 5, 2024to ask the court to appoint you as lead plaintiff for the class if you are a shareholder who purchased or otherwise acquired Scotts securities during the Class Period. A copy of the complaint may be obtained fromt www.pomerantzlaw.com.

(Click here for information on how to join the class action)

On June 8, 2022Scotts has revealed that replenishment orders from its US retailers are higher than $300 million The company’s results fell short of targets in May alone. The company told investors that fiscal 2022 earnings would be about half of its previous forecast. The company also said it plans to take on additional debt to cover restructuring costs as it seeks to cut costs.

Following this news, Scotts’ share price fell. $9.05 per share, or nearly 9%, to close at $93.13 per action on June 82022.

Then, on August 2, 2023Scotts said its fiscal third-quarter sales declined 6% and gross margins fell 420 basis points. The company also cut its full-year EBITDA guidance by 25% and announced a $20 million The company also announced that it had to amend its debt covenants to 7.00 times debt-to-EBITDA, down from 6.25 times the previous debt-to-EBITDA ratio.

Following this news, Scotts’ share price fell. $13.58 per share, or 19%, to close at $57.86 per action on August 1, 2023.

Pomerantz LLP, with offices in new York, Chicago, Los Angeles, London, ParisAnd Tel Avivis recognized as a leading law firm in the areas of corporate, securities and antitrust class action litigation. Founded by the late Abraham L. PomerantzKnown as the dean of the class action bar, Pomerantz was a pioneer in the field of securities class actions. Today, more than 85 years later, Pomerantz continues the tradition he established, fighting for the rights of victims of securities class actions. fraudbreaches of fiduciary duty and professional malpractice. The firm has recovered billions of dollars in damages on behalf of class members. See www.pomlaw.com.

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CONTACT:
Danielle Peyton
Pomerantz LLP
(protected email)
646-581-9980 ext. 7980

SOURCE Pomerantz LLP