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The Klein Law Firm announces that a class action complaint has been filed on behalf of shareholders of Stanley Black & Decker, Inc. (NYSE: SWK) who purchased shares between October 28, 2021 and July 28, 2022. The action, which was filed in the United States District Court for the District of Connecticut, alleges that the Company violated federal securities laws.
In particular, the Stanley lawsuit alleges that (i) rising interest rates, inflation, and trends in returning to work away from home were in fact quickly eroding then-heightened demand for Stanley’s tools and outdoor products; (ii) the heightened, extraordinary demand Stanley had enjoyed as a result of the COVID-19 pandemic in 2021 into 2022 was returning to 2019 pre-pandemic levels; (iii) Stanley’s operations were already showing signs of slowing demand; (iv) as a result of reorganization, share repurchasing, and dividend growth, Stanley lacked the cash to react with agility to changes in demand; and (v) as a result of Stanley’s inability to react to a sharp decline in demand, the Company’s results and metrics, particularly sales volume, were severely negatively impacted. As a result of the foregoing, Stanley’s public statements were materially false and misleading at all relevant times.
Shareholders have until May 23, 2023 to petition the court for lead plaintiff status. Your ability to share in any recovery does not require that you serve as lead plaintiff. You may choose to be an absent class member.
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