Lawsuit Overview
March 29, 2016 - The court granted defendants' motion to dismiss.
July 9, 2014 - The lead plaintiffs filed an amended consolidated complaint.
May 5, 2014 - The lead plaintiffs and lead counsel were appointed and all cases were consolidated.
February 13, 2014 - An investor in shares of Coty Inc (NYSE: COTY) filed a lawsuit in the U.S. District Court for the Southern District of New York against Coty Inc over alleged violations of Federal Securities Laws in connection with certain allegedly false and misleading statements made between June 13, 2013 and February 13, 2014.
According to the complaint the plaintiff alleges on behalf of persons and/or entities who purchased or otherwise acquired the common stock of Coty Inc pursuant and/or traceable to Coty Inc's registration statement filed with the U.S. Securities and Exchange Commission on Form S-1/A on May 28, 2013, and prospectus filed with the SEC on Form 424(b)(4) on June 13, 2013 , (collectively the Registration Statement ), in Coty Inc's initial public offering, that the defendants violated Sections 11, 12(a)(2) and 15 of the Securities Act of 1933 because the Registration Statement contained untrue statements of material facts or omitted to state material facts necessary to make the statements made not misleading, and was not prepared in accordance with the applicable SEC rules and regulations governing its preparation.
On September 17, 2013 Coty Inc issued its first financial results as a public company, reporting Coty Inc’s fourth quarter and fiscal year 2013 financial results for the period ending June 30, 2013. Coty Inc (NYSE: COTY) reported that its Total Revenue increased from over $4.61 billion for the 12 months period that ended on June 30, 2012, to over $4.64 billion for the 12 months period that ended on June 30, 2013, and that its Net loss of $324.40 million for the 12 months period that ended on June 30, 2012 turned into a Net Income of $168.00 million for the 12 months period that ended on June 30, 2013. In Coty Inc’s September 17, 2013 press release the Company stated that “over the past few months the Company has seen a deceleration of market growth in the U.S. and Europe, triggering significant destocking activity, particularly by U.S. mass retailers.” Further, Coty Inc said it expects a marginal decline in revenues in the first quarter of fiscal 2014.
Shares of Coty Inc (NYSE: COTY) declined from over $17.48 in August 2013 to $13.25 on February 7, 2014.
On February 13, 2014, Coty Inc (NYSE: COTY) shares closed at $13.72 per share.