Bernstein Liebhard LLP Announces that a Securities Class Action has been Filed Against Blyth, Inc.
November 13, 2012
Bernstein Liebhard LLP today announced that a securities class action has been commenced in the United States District Court for the District of Connecticut on behalf of a class (the “Class”) of purchasers of Blyth, Inc. (“Blyth” or the “Company”) (NASDAQ: BTH) common stock between March 14, 2012 and November 6, 2012, inclusive (the “Class Period”).
The complaint charges Blyth and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Blyth is a marketing and manufacturing company that sells personal and decorative products throughout North America.
The complaint alleges that, during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects. In particular, the complaint alleges that the nature and ongoing viability of the strong results being reported for ViSalus, Inc., a multilevel weight loss marketing company in which Blyth owns a controlling interest, were being overstated, and that this was masking declining performance in the Company’s other operating units and product lines.
The complaint further alleges that beginning with a September 21, 2012 Moody’s Investors Services cut in its outlook for the Company, the market began to learn through a series of partial disclosures ending on November 6, 2012, that the Company’s financial soundness and business metrics were not as they had been represented during the Class Period. As Blyth’s stock price fell with each of these revelations, more than $462 million in market capitalization vanished.
Plaintiffs seek to recover damages on behalf of all Class members who invested in Blyth common stock during the Class Period. If you invested in Blyth common stock as described above during the Class Period, and either lost money on the transaction or still hold the shares, you may wish to join in this action to serve as lead plaintiff. In order to do so, you must meet certain requirements set forth in the applicable law and file appropriate papers no later than January 14, 2013.
A “lead plaintiff” is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as lead plaintiff. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Bernstein Liebhard LLP, or other counsel of your choice, to serve as your counsel in this action.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last ten years.
You can obtain a copy of the complaint from the clerk of the court for the United States District Court for the District of Connecticut.