Bernstein Liebhard LLP Investigates Claims on Behalf of Those Who Invested in Hanesbrands Inc.
April 24, 2015
Bernstein Liebhard LLP is investigating whether (i) Hanesbrands Inc. (“Hanes” or the “Company”) (NYSE: HBI) issued materially false and misleading statements to investors in violation of the federal securities laws; or (ii) the Board of Directors of Hanes breached their fiduciary duties to shareholders.
Hanes is a consumer goods company that designs, manufactures, sources, and sells a range of basic apparels for men, women, and children in the United States. On April 24, 2015, the Company surprised the market by reporting revenue of $1.21 billion for the first quarter of 2015, $200 million lower than analysts’ estimates. Hanes also reported earnings of 22 cents per share for the quarter, below analysts’ expectations of 23 cents per share. As a result, Hanes stock fell almost 6%.
During and slightly after the first quarter, between January 1, 2015 and April 8, 2015, Hanes CEO and Chairman of the Board Richard Noll sold approximately $76 million in Hanes stock – a staggering amount – $66 million of which he sold since March 11, 2015 alone. Selling by Hanes insiders totaled approximately $80 million since the first of the year. This selling is suspicious because Hanes insiders made these sales during and slightly after the first quarter – the quarter for which Hanes announced results that surprised analysts.
Bernstein Liebhard LLP has pursued hundreds of securities, consumer and shareholder rights cases and recovered over $3 billion for its clients. The National Law Journal has recognized Bernstein Liebhard for twelve consecutive years as one of the top plaintiffs’ firms in the country.