Securities Fraud Class Action Filed Against Smith & Wesson Holding Corporation
A securities fraud lawsuit has been filed 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.
The complaint alleges that from June 15, 2007 through December 6, 2007, 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.
Motions for Lead Plaintiff have been filed and are currently pending before the Court.
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