Robbins LLP Announces that Freshpet, Inc. (FRPT) Securities Class Action Survives Motion to Dismiss
January 18, 2018 (San Diego, CA & Secaucus, NJ) – Shareholder rights law firm Robbins LLP is investigating whether certain officers and directors of Freshpet, Inc. (NasdaqGM: FRPT) breached their fiduciary duties to shareholders. On March 27, 2017, investors filed an amended securities class action complaint against Freshpet for alleged violations of the Securities Act of 1933 and the Securities Exchange Act of 1934. The complaint alleges that between April 1, 2015 and November 11, 2015, Freshpet officials continually assured investors that the company was on track to meet its 2015 outlook and fiscal guidance despite knowing as early as April 2015 that installation of the company’s branded refrigerators would likely be delayed or removed from several of the company’s retail partner locations. On November 11, 2015, after Freshpet’s stock increased upwards of 30% in the previous months based on the company’s statements, Freshpet finally lowered its guidance and admitted to approximately $2.4 million in lost sales. On this news, Freshpet’s stock fell over 25%. On January 12, 2018, the Honorable Madeline Cox Arleo of the U.S. District Court for the District of New Jersey denied Freshpet’s motion to dismiss, paving the way for litigation to proceed.
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