Spectrum Brands Class Action Suit DismissedSpectrum Brands, Inc. Press Release
FlashlightNews.org - 6/21/2007
Rayovac parent rebuffs claims of materially false and misleading public statements concerning the company's operational and financial condition
Spectrum Brands, Inc.
ATLANTA, Ga. - Spectrum Brands, Inc. (NYSE:SPC - News) today announced the dismissal of a putative class action lawsuit filed against the company last year in the U.S. District Court for the Northern District of Georgia.
The lawsuit generally alleged that the company and the individually named defendants made materially false and misleading public statements concerning the company's operational and financial condition, thereby causing plaintiffs to purchase Spectrum Brands securities at artificially inflated prices.
On October 27, 2006, the Court granted defendants' motion to dismiss, and ordered plaintiffs to file an amended complaint, if any, within 30 days. Plaintiffs requested, among other things, additional time to file an amended complaint and on May 18, 2007, the Court entered an opinion and order denying that request. Plaintiffs did not file an appeal and, accordingly, this case is now closed.
About Spectrum Brands, Inc.
Spectrum Brands is a global consumer products company and a leading supplier of batteries, portable lighting, lawn and garden products, household insect control, shaving and grooming products, personal care products and specialty pet supplies. Spectrum Brands' products are sold by the world's top 25 retailers and are available in more than one million stores in 120 countries around the world. Headquartered in Atlanta, Georgia, Spectrum Brands generated net sales of $2.5 billion in fiscal 2006 and has approximately 8,400 employees worldwide. The company's stock trades on the New York Stock Exchange under the symbol SPC.