SOURCE: Brower Piven, A Professional Corporation

April 07, 2011 17:26 ET

Brower Piven Encourages Investors Who Have Losses in Excess of $100,000 From Investment in Kid Brands, Inc. to Inquire About the Lead Plaintiff Position in Securities Fraud Class Action Lawsuit Before the May 23, 2011 Lead Plaintiff Deadline

STEVENSON, MD--(Marketwire - Apr 7, 2011) - Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the District of New Jersey on behalf of purchasers of the common stock of Kid Brands, Inc. ("Kid Brands" or the "Company") (NYSE: KID) during the period between March 26, 2010 and March 15, 2011, inclusive (the "Class Period").

No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than May 23, 2011 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period. You are not required to have sold your shares to seek damages or to serve as a Lead Plaintiff.

The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the Company's failure to disclose during the Class Period material adverse facts about the Company's business, operations, prospects and performance. The complaint alleges that the Company terminated two high-level executives at its LaJobi subsidiary and admitted to a violation of United States Customs laws by virtue of instances at LaJobi in which incorrect import duties were applied on certain wooden furniture imported from vendors in China, resulting in a violation of anti-dumping regulations that the Company currently estimates will cost the Company approximately $7 million plus possible penalties and/or other assessments. According to the complaint, this disclosure caused the value of Kid Brands shares to decline significantly.

If you have suffered a net loss for all transactions in Kid Brands, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at hoffman@browerpiven.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years. If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.

Contact Information

  • CONTACT:
    Charles J. Piven
    Brower Piven, A Professional Corporation
    Stevenson, Maryland
    410/415-6616
    Email Contact