Glancy Prongay & Murray LLP Reminds Investors of Looming Deadline in the Class Action Lawsuit Against HP Inc. (HPQ)
LOS ANGELES–(BUSINESS WIRE)–Glancy Prongay & Murray LLP (“GPM”) reminds investors of the upcoming January 4, 2021 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired HP Inc. (“HP” or the “Company”) (NYSE: HPQ) common stock between November 6, 2015 and June 21, 2016, inclusive (the “Class Period”).
If you suffered a loss on your HP investments or would like to inquire about potentially pursuing claims to recover your loss under the federal securities laws, you can submit your contact information at https://www.glancylaw.com/cases/hp-inc/. You can also contact Charles H. Linehan, of GPM at 310-201-9150, Toll-Free at 888-773-9224, or via email at [email protected] to learn more about your rights.
HP offers personal computers, printers, and related supplies, solutions, and services. Within HP’s Printing segment is the Supplies division, which consists of printing and computing supplies, such as toner, ink cartridges, and related printing supplies. Almost 80% of HP’s operating profit is derived from its Printing business.
On June 21, 2016, after the market closed, HP revealed that it would reduce its Supplies channel inventory by $450 million, resulting in a corresponding reduction of $450 million in Supplies revenue over the remainder of 2016.
On this news, HP’s stock price fell $0.72, or 5.4%, to close at $12.61 per share on June 22, 2016.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose: (1) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers that did not need or want the product in order to artificially increase revenues and profits; (2) that HP’s channel inventory management and sales practices resulted in the sale of supplies to customers outside of designated regions at unsustainable discounts in order to artificially increase revenues and profits; (3) that HP’s channel inventory management and sales practices resulted in the sale of supplies at steep discounts to customers to encourage those customers to sell the supplies further down the supply channel, out of HP’s inventory management metrics; and (4) that, as a result of the foregoing, defendants’ statements about the Company’s business condition and prospects were materially false and misleading when made.
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If you purchased or otherwise acquired HP common stock during the Class Period, you may move the Court no later than January 4, 2021 to request appointment as lead plaintiff in this putative class action lawsuit. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to the pending class action lawsuit, please contact Charles Linehan, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to [email protected], or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
View source version on businesswire.com: https://www.businesswire.com/news/home/20201112005311/en/
Glancy Prongay & Murray LLP, Los Angeles
Charles Linehan, 310-201-9150 or 888-773-9224
[email protected]
www.glancylaw.com
KEYWORDS: United States North America California
INDUSTRY KEYWORDS: Legal Professional Services
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