SAN FRANCISCO, Nov. 09, 2020 (GLOBE NEWSWIRE) -- Hagens Berman urges Columbia Sportswear Company (NASDAQ: COLM) investors with significant losses to submit your losses now. The firm is investigating possible securities fraud and certain investors may have valuable claims.
Columbia Sportswear Company (COLM) Investigation:
The investigation centers on the accuracy of Columbia’s statements about its financial guidance for, and related operations concerning, its Q3 2020 financial results.
More specifically, during Columbia’s Q2 2020 earnings call on July 30, 2020 management assured investors that “[d]espite supply chain disruptions related to the pandemic that occurred earlier in the year, we expect to deliver the vast majority of our fall order book on time.”
Then, on Oct. 29, 2020, Columbia announced disappointing Q3 2020 financial results that were down substantially in comparison to last year. Management blamed the disappointment in part on a 28% year-over-year decline in wholesale business and said approximately $45 million of fall 2020 shipments shifted into Q4.
This news drove the price of Columbia shares sharply lower the next day.
“We’re focused on investors’ losses and whether Columbia intentionally misled investors about the timing of sales going into its third quarter and the seriousness of any related operational disruptions,” said Hagens Berman partner Reed Kathrein. “We welcome speaking to persons with knowledge of the real reasons for the decline.”
If you are a Columbia investor and have significant losses, or have knowledge that may assist the firm’s investigation and prosecution of this matter, click here to discuss your legal rights with Hagens Berman.
Whistleblowers: Persons with non-public information regarding Columbia should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 844-916-0895 or email COLM@hbsslaw.com.
About Hagens Berman
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Reed Kathrein, 844-916-0895