In re Smith & Wesson Holding Corporation Securities Litigation
In re Smith & Wesson Holding Corporation Securities Litigation is a securities fraud class action lawsuit on behalf of investors who purchased Smith & Wesson Holding Corporation (NASDAQ: SWHC) securities on an open market from June 15, 2007, through December 6, 2007. The action is pending in the U.S. District Court, District of Massachusetts (Case No. 3:07-cv-30238), against Smith & Wesson, Barry M. Monheit, Michelle F. Golden, and John Kelly. Wolf Popper is counsel for institutional plaintiff the Sheet Metal Workers Pension Plan of Northern California.
The complaint alleges that during the class period, defendants knowingly or recklessly issued a series of materially false and misleading statements that misled the investing public about Smith & Wesson’s business, operations, performance, and prospects, and in particular, the saturation of the market with Smith & Wesson’s inventory which caused customers to reduce orders and postpone purchases. The Company’s materially false and misleading statements artificially inflated the trading price of Smith & Wesson stock during the Class Period.
The court denied defendants’ motion to dismiss and granted plaintiffs’ motion for class certification.
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