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HD Supply Faces Class Action Lawsuit

HD Supply is facing a class action lawsuit claiming that the company “made materially false and misleading statements about the company's compliance, operational and business policies.”

The lawsuit is being filed on behalf of investors who purchased or otherwise acquired HD Supply Holdings, Inc. securities between November 9, 2016 and June 5, 2017.

Specifically, the complaint alleges that HD Supply issued false and/or misleading statements and/or failed to disclose that:

  1. HD Supply's full year 2017 growth and operational leverage targets were unattainable
  2. The operational recovery of its Facilities Maintenance supply chain was not going according to plan
  3. The company was exploring the sale of its Waterworks segment
  4. Chairman and CEO Joseph DeAngelo “embarked on a selling spree of personal holdings of HD Supply stock that netted him over $54 million in proceeds”
  5. DeAngelo's statements about HD Supply's business, operations, and prospects were false and misleading and/or lacked a reasonable basis.

Investment and litigation firms involved in the class action lawsuit include Glancy Prongay & Murray LLP, Johnson & Weaver, LLP, Bronstein, Gewirtz & Grossman, LLC, Kahn Swick & Foti, LLC, Faruqi & Faruqi, LLP, Rosen Law Firm, Gainey McKenna & Egleston, and Goldberg Law PC, among others.

 

 

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