Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, announces that a federal class action lawsuit has been filed against Vista Outdoor, Inc. (“Vista” or the “Company”) (NYSE: VSTO) and several officers and directors for acts taken during the period of August 11, 2016 and January 13, 2017 (the “Class Period”).
Based upon the allegations in the class action, the firm is investigating additional legal claims against the officers and Board of Directors of Vista. If you are an affected Vista shareholder and want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC via email at firstname.lastname@example.org or call toll free at (888) 809-2750. There is no cost or fee to you.
According to the complaint, the defendants are alleged to have violated certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges, among other things, that defendants failed to disclose during the Class Period that: (1) Vista was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity, (2) Vista was experiencing revenue and gross margin declines, and (3) Vista would have to begin the impairment assessment for its Outdoor Products segment’s reporting units in the third quarter of 2017.
On January 11, 2017, Vista issued a press release revealing that it is expecting a material asset impairment charge (approximately $400 – $450 million) to its Hunting and Shooting Accessories reporting unit during the third quarter of the 2017 fiscal year. Immediately following this announcement, Vista shares fell over 21%. Then, on January 13, 2017, Vista announced that the President of its Outdoor Products segment, in which the Hunting and Shooting Accessories unit belongs, had resigned from his position. On this news, Vista’s stock fell 3%, closing on January 13, 2017 at $28.70 per share.
The Briscoe Law Firm, PLLC is a full-service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.