Publicly available records indicate that a class action lawsuit has been filed on behalf of investors in Vista Outdoor (NYSE: VSTO) in connection to alleged violations of securities laws by VSTO and certain of its officers. Fitapelli Kurta is interested in hearing from investors who have complaints regarding investments made in Vista Outdoor between August 11, 2016 and January 13, 2017.
The lawsuit specifically alleges that Vista Outdoor made false and/or misleading statements and/or failed to disclose material information concerning its business, prospects or operations, including: that it was undergoing an increasing softening of its retail environment and its own promotional operations; that its revenue and gross margins were declining; that it would have to commence its impairment assessment for reporting units of its Outdoor Products segment in 2017’s third quarter, as opposed to preparing its fiscal year 2017 financial statements; that thus it would see an impairment charge as low as $400 million and as high as $450 million; and that thus its statements about VSTO’s business, prospects and operations were false and/or misleading.
According to the company’s website, Vista Outdoor “is a leading global designer, manufacturer and marketer of consumer products in the growing outdoor sports and recreation markets.” The company’s description continues: “We serve these markets through our diverse portfolio of well-recognized brands that provide consumers with a range of performance-driven, high-quality and innovative products, including sporting ammunition and firearms, outdoor products, outdoor cooking solutions, outdoor sports optics, hydration systems, golf rangefinders, performance eyewear, action sports helmets and goggles, footwear and a variety of cycling accessories, stand up paddle boards and accessories. We serve a broad range of end consumers, including outdoor enthusiasts, hunters and recreational shooters, professional athletes, as well as law enforcement and military professionals. Vista Outdoor’s headquarters are in Farmington, Utah and we employ more than 7,000 skilled workers worldwide.”