SOURCE: Stull, Stull & Brody

February 07, 2006 17:58 ET

Stull, Stull & Brody Announces Class Action Against Jarden Corp.

NEW YORK, NY -- (MARKET WIRE) -- February 7, 2006 -- Notice is hereby given that a class action has been commenced in the United States District Court for the Southern District of New York on behalf of all persons who purchased or acquired the publicly traded securities of Jarden Corp. (NYSE: JAH) ("Jarden" or the "Company") from June 29, 2005 through January 11, 2006 inclusive (the "Class Period").

Stull, Stull & Brody has substantial experience representing employees who suffered losses from purchases of their employer's stock in their 401(k) plans. If you bought Jarden's stock through your Jarden retirement account and have information or would like to learn more about these claims, please contact us.

The complaint alleges defendants violated federal securities laws by issuing a series of materially false statements regarding Jarden's financial condition. Specifically, defendants failed to disclose the following: (i) that the merger between Jarden and Holmes was plagued by integration problems; (ii) that the statements concerning growth from the Holmes acquisition were inherently unreliable because Holmes had no reasonable way to repeat its performance in 2005 due to the loss of tens of millions of dollars in revenue from a deal Holmes had with Procter & Gamble; and (iii) that Jarden's statements concerning the Holmes acquisition were based on overly optimistic forecasts.

On January 12, 2006, prior to the opening of the market, Jarden provided a business update for fiscal 2005 as well as its outlook for fiscal 2006. Therein, the Company stated that Holmes' profit margins and product mix were not what the market had been led to expect. On this news, shares of Jarden fell $3.37 per share, or 11%, to close at $27.05 per share on January 12, 2006.

If you are a member of the class, you may request that the Court appoint you as lead plaintiff by no later than April 4, 2006. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Stull, Stull & Brody, or other counsel of your choice, to serve as your counsel in this action. Stull, Stull & Brody has litigated many class actions for violations of securities laws in federal courts over the past 30 years and has obtained court approval of substantial settlements on numerous occasions. Stull, Stull & Brody maintains offices in both New York and Los Angeles.

If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Tzivia Brody, Esq. at Stull, Stull & Brody by e-mail at SSBNY@aol.com, by calling toll-free 1-800-337-4983, or by fax at 212/490-2022, or by writing to Stull, Stull & Brody, 6 East 45th Street, New York, NY 10017. You can also visit our website at www.ssbny.com.

Contact Information

  • Tzivia Brody, Esq.
    Stull, Stull & Brody
    Email Contact
    1-800-337-4983
    Fax: 212/490-2022