Robbins Umeda LLP Announces an Investigation of Kid Brands, Inc.
Robbins Umeda LLP, a shareholder rights litigation firm, has commenced an investigation into possible breaches of fiduciary duty and other violations of the law by certain officers and directors at Kid Brands, Inc. (NYSE: KID). Kid Brands designs and distributes infant and juvenile consumer products. Kid Brands is headquartered in Wayne, New Jersey.
If you own or purchased stock in Kid Brands and would like more information about your shareholder rights, please contact attorney Gregory E. Del Gaizo at 800-350-6003 or by e-mail at firstname.lastname@example.org. Those who inquire by e-mail are encouraged to include their mailing address and telephone number.
On March 15, 2011, Kid Brands announced that it will delay the filing of its Annual Report for the year ended December 31, 2010, due to matters it uncovered during its investigation into its LaJobi subsidiary. Kid Brands stated that its investigation uncovered 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. As a result, the Company terminated LaJobi’s President, Larry Bivona, and its Managing Director. Robbins Umeda LLP’s investigation concerns whether the officers and directors of Kid Brands issued materially inaccurate financial statements to the investing public, whether they conducted adequate due diligence into LaJobi before acquiring it, and whether they exercised appropriate oversight of LaJobi.