Investors File Complaint Against Scotts Miracle-Gro Company
- A class action lawsuit has been filed against The Scotts Miracle-Gro Company on behalf of investors who purchased common stock between November 3, 2021, and August 1, 2023.
- Kaplan Fox & Kilsheimer LLP, the law firm representing the investors, has set a deadline for claims to be submitted by August 5, 2024.
- This lawsuit may significantly impact the company, as allegations regarding stock performance and investor interests come to light.
NEW YORK, NY - Kaplan Fox & Kilsheimer LLP has announced that a complaint has been filed on behalf of investors who purchased common stock of The Scotts Miracle-Gro Company (NYSE: SMG) between November 3, 2021, and August 1, 2023. Investors are encouraged to contact the firm via email or phone to learn more about the lead plaintiff process, with a deadline to move the court set for August 5, 2024. The complaint arises from significant financial disclosures made by Scotts, particularly a press release on June 8, 2022, which revealed that replenishment orders from retail partners in the U.S. Consumer segment fell $300 million short of targets in May. Further compounding concerns, a report on August 2, 2023, indicated a 6% decline in third-quarter net sales, primarily attributed to a staggering 40% drop in the Hawthorne segment. The allegations in the complaint suggest that throughout the Class Period, Scotts' executives made numerous materially false and misleading statements regarding the company's inventory levels. Despite assurances to investors that inventory was appropriate, the reality was that Scotts faced an oversupply that significantly exceeded consumer demand as the Class Period commenced. Kaplan Fox & Kilsheimer LLP, a prominent national law firm specializing in complex litigation, is leading this effort. The firm has offices across major U.S. cities and invites affected investors to reach out for further information.