Robbins LLP Is Investigating the Officers and Directors of Party City Holdco, Inc. (PRTY) on Behalf of Shareholders
November 16, 2015 (San Diego, CA & Southfield, MI) – Shareholder rights law firm Robbins LLP is investigating whether certain officers and directors of Party City Holdco, Inc. (NYSE: PRTY) violated federal securities laws by issuing materially misleading business information to the investing public. Party City, through its subsidiaries, designs, manufactures, sources, and distributes party goods in North America.
Party City Reports Weak Revenue Growth
On April 16, 2015, Party City held its Initial Public Offering (“IPO”) of 21.875 million shares of common stock at $17 per share. However, since going public, Party City’s stock has plummeted. On November 12, 2015, Party City reported a loss of $44.5 million in its third quarter. According to The Wall Street Journal, Party City “reported weak revenue growth for its third quarter, weighed down by soft traffic, and the company lowered a key sales forecast for the year.” Party City’s Chief Executive Officer James M. Harrison described the retail results as “weaker than expected.” On this news, Party City’s stock fell as low as $11.20 per share on heavy volume on November 13, 2015, and is currently trading 24% below its IPO price.
Party City Shareholders Have Legal Options
Concerned shareholders who would like more information about their rights and potential remedies can contact attorney Darnell R. Donahue at (800) 350-6003, or you can complete the form below and we will contact you directly.