| COMPANY |
The Scotts Miracle-Gro Company |
| COURT |
United States District Court for the Southern District of Ohio |
| CASE NUMBER |
24-cv-03132 |
| JUDGE |
The Hon. Algenon L. Marbley |
| CLASS PERIOD |
June 2, 2021 through August 1, 2023 |
| SECURITY TYPE |
Common Stock |
Case Background:
This is a class action lawsuit on behalf of those who purchased or acquired The Scotts Miracle-Gro Company (“Scotts”) (NYSE: SMG) securities between November 3, 2021 and August 1, 2023, both dates inclusive (the “Class Period”).
The complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements and omissions concerning the company’s inventory levels, debt covenant compliance, and financial performance. Specifically, Defendants repeatedly assured investors that the company’s inventory levels were appropriate, while attributing strong sales to “selling through high-cost inventory,” which resulted in “peak selling” and “record” shipments. Defendants also repeatedly assuaged investors’ concerns about the company’s debt, stating that they were “optimistic we will remain within the bounds of our bank covenants” and “[did] not see leverage compliance issues going forward.” As a result of these misrepresentations, Scotts common stock traded at artificially inflated prices during the Class Period.
Current Status of Case:
An Initial Complaint was filed June 6. 2024. On August 5, 2024, Motions to Appoint Lead Plaintiff and Lead Counsel were filed with the Court. The Motions to Appoint Lead Plaintiff are pending and awaiting the Court’s decision. This action is ongoing.
If you have suffered losses and would like to discuss your rights, please fill out this form or you may contact Jonathan Naji, Esq. at (484) 270-1453 or via e-mail at info@ktmc.com.