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You must submit the settlement Proof form attached below, in order to participate in this settlement. There is a strict deadline of November 26, 2018 by which all claims must be submitted. The instructions for submitting are included in the Proof and the Notice files attached below for your download. DO NOT SEND THE FORMS TO THE SHAREHOLDERS FOUNDATION, INC.
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To have your information reviewed for options and to receive notifications about this case, please send an email to mail@shareholdersfoundation.com, or call us at (858) 779-1554.
Lawsuit Overview
Settlement Overview
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July 9, 2018 - The court preliminarily approved the settlement.
July 3, 2018 - A stipulation of settlement was filed by the parties.
February 22, 2018 - A motion to dismiss the second amended complaint was filed.
January 12, 2018 - A second amended complaint was filed.
October 23, 2017 - A motion to dismiss the amended complaint was filed.
September 22, 2017 - An amended complaint was filed.
January 25, 2017 - An investor in shares of Vista Outdoor Inc (NYSE: VSTO) filed a lawsuit in the U.S. District Court for the District of Utah over alleged violations of Federal Securities Laws by Vista Outdoor Inc in connection with certain allegedly false and misleading statements made between August 11, 2016, and January 13, 2017.
According to the complaint the plaintiff alleges on behalf of purchasers of Vista Outdoor Inc (NYSE: VSTO) common shares between August 11, 2016, and January 13, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between August 11, 2016, and January 13, 2017, the defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects, including that Vista Outdoor Inc was experiencing an acceleration in the softening of the retail environment and an acceleration in its own promotional activity, that, as such, Vista Outdoor Inc was experiencing both revenue and gross margin declines, that, as a result of the foregoing, the Company would have to begin the impairment assessment for its Outdoor Products segment’s reporting units in the third quarter of 2017, rather than with the preparation of the Company’s fiscal year 2017 (“FY17”) annual financial statements, that, as a result, the Company would have to recognize an impairment charge in the range of $400 million to $450 million, and that, as a result of the foregoing, Defendants’ statements about Vista Outdoor Inc’s business, operations, and prospects, were false and misleading and/or lacked a reasonable basis. Farmington, UT based Vista Outdoor Inc is a designer, manufacturer and marketer of consumer products in the outdoor sports and recreation markets. Vista Outdoor Inc went public in January 2015. Vista Outdoor Inc reported that its annual Total Revenue rose over $2.08 billion for the 52 weeks period that ended on March 31, 2015 to over $2.27 billion for the 53 weeks period that ended on March 31, 2016 and that its Net Income for the respective time periods increased from $79.53 million to $147.04 million. Shares of Vista Outdoor Inc (NYSE: VSTO) reached $52.69 per share in April 2016, respectively $51.58 per share in August 2016.
On January 11, 2017, Vista Outdoor Inc (NYSE: VSTO) announced that it expects to record a material, non-cash intangible asset impairment charge in its Hunting and Shooting Accessories reporting unit in the third quarter of its Fiscal Year 2017. Vista Outdoor Inc (NYSE: VSTO) said that the Company's preliminary analysis indicates the impairment charge will be in the range of $400 million to $450 million. Shares of Vista Outdoor Inc (NYSE: VSTO) declined to as low as $26.91 per share on January 19, 2017.