Covetrus, Inc.
Company Name | Covetrus, Inc. |
Stock Symbol | CVET |
Class Period | February 08, 2019 to August 12, 2019 |
Lead Plaintiff Motion Deadline | November 29, 2019 |
In February 2019, Covetrus was formed through a spin-off of Henry Schein’s Animal Health Business, which was merged with Vets First Choice (VFC).
On August 13, 2019, before the market opened, Covetrus reported a net loss of $0.09 per share for the second quarter of 2019, well below analyst estimates of $0.17 in net income per share. Additionally, the Company also revealed difficulties integrating the platforms and disclosed increased spending to eliminate obligations to Henry Schein as part of the spin-off agreement.
On this news, the Company’s share price fell $9.30, or 40%, to close at $13.89 per share on August 13, 2019, thereby injuring investors.
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