NEW YORK, May 22, 2015 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a federal securities class action has been filed on behalf of all persons or entities that purchased the common stock of Boulder Brands, Inc. (“Boulder” or the “Company”) (Nasdaq:BDBD) from December 23, 2013, through October 22, 2014, inclusive (the “Class Period”). Wolf Haldenstein encourages all shareholders who suffered losses on securities purchased within the class period to contact us immediately at (800) 575-0735 or email email@example.com as the June 1, 2015 lead plaintiff deadline is rapidly approaching.
The Complaint alleges that during the Class Period, Defendants issued materially false and misleading statements and/or failed to disclose adverse facts concerning the Company's business and prospects. Specifically, the Complaint alleges that the Defendants failed to disclose that the Company was having problems with its inventory management and the integration of recent acquisitions, and that the Company's ongoing mix shift to lower margin products made its previously announced margin improvements unattainable.
On October 22, 2014, Boulder provided an update on its anticipated third quarter 2014 financial results and its outlook for the fourth quarter of 2014, disclosing that during “the third quarter, we faced a number of headwinds that impacted our financial results.” The Company further disclosed that the “the mix shift of our fast-growing, lower margin Natural segment is significantly outpacing our higher margin Balance segment and is therefore putting increased pressure on our gross margins.” In addition, the Company revealed it was “expecting lower shipments due to a normalizing of certain inventories at our largest customer.”
On this news, the price of Boulder stock collapsed 23%, falling from a closing price of $12.73 per share on October 21, 2014 to close at $9.62 per share on October 22, 2014, on volume of more than 9 million shares traded. The next day, Boulder's stock price dropped an additional 6%, closing on October 23, 2014 at $8.99 per share.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has over 70 attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein Adler Freeman & Herz LLP by telephone at (800) 575-0735, via e-mail at firstname.lastname@example.org, or visit our website at www.whafh.com. All e-mail correspondence should make reference to the “Boulder Investigation.”
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Patrick Donovan, Esq. Gregory Stone, Director of Case and Financial Analysis Email: email@example.com, Donovan@whafh.com or firstname.lastname@example.org Tel: (800) 575-0735 or (212) 545-4774
Source:Wolf Haldenstein Adler Freeman & Herz LLP