Shuman, Glenn & Stecker Investigates JELD-WEN Holding, Inc.
DENVER–(BUSINESS WIRE)–Shuman, Glenn & Stecker announces that it is investigating potential claims against certain officers and directors of JELD-WEN Holding, Inc. (“JELD-WEN” or the “Company”) (NYSE: JELD). JELD-WEN manufactures doors and windows.
The Firm’s investigation relates to allegations raised in antitrust litigation against JELD-WEN, as well as a securities class action against JELD-WEN and certain of its senior officers, in the U.S. District Court for the Eastern District of Virginia. These lawsuits arise from allegations that JELD-WEN participated in a collusive price-fixing scheme with one of its major competitors.
Following a trial in the antitrust litigation, on February 15, 2018 a jury found JELD-WEN liable for violating federal antitrust laws. Next, on October 5, 2018, the federal judge presiding over the antitrust litigation issued detailed factual findings about JELD-WEN’s anticompetitive behavior and ordered JELD-WEN to divest a manufacturing facility. Then, on October 15, 2018, after previously downplaying its exposure in the antitrust litigation, JELD-WEN disclosed that it would take a $76.5 million charge related to an expected judgment in the case and the sudden resignation of its Chief Financial Officer. JELD-WEN’s stock price dropped by 19% the next day.
Meanwhile, the securities class action lawsuit alleges between January 26, 2017 and October 15, 2018, JELD-WEN and certain of its senior officers falsely stated publicly that JELD-WEN’s products compete against those of other manufacturers based on price, and falsely described the market in which JELD-WEN sells its products as “highly competitive.” The lawsuit also claims JELD-WEN falsely attributed its strong margins and anticipated margin growth to legitimate business factors such as “strategic pricing decisions” and an increased emphasis on “pricing optimization.” On October 26, 2020, the federal judge presiding over the securities class action denied the defendants’ motion to dismiss the claims, paving the way for the case to proceed towards trial.
If you currently own JELD-WEN common stock and are interested in discussing your rights, or have information relating to this investigation, please contact Kip Shuman toll free at (866) 569-4531 or email Mr. Shuman at [email protected].
Shuman, Glenn & Stecker represents investors throughout the nation, concentrating its practice in stockholder litigation.
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SHUMAN, GLENN & STECKER
Kip B. Shuman, Esq.
100 Pine Street, Suite 1250
San Francisco, CA 94111
Tel: 866.569.4531
Fax: 303.536.7849
Email: [email protected]
Web: www.shumanlawfirm.com
KEYWORDS: United States North America Colorado
INDUSTRY KEYWORDS: Legal Professional Services
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