Spectrum Brands Holdings, Inc.
|Company Name||Spectrum Brands Holdings, Inc.|
On April 26, 2018, Spectrum issued a press release disclosing that the Company’s “second quarter performance was very disappointing” due to “challenges related to our two greenfield manufacturing and distribution projects.” On the same day, the Company disclosed that Andreas Rouvé was stepping down as Spectrum’s CEO and that the Company had lowered its fiscal year 2018 adjusted EBITDA guidance from $657-$674 million to $600-$617.
On this news, Spectrum’s share price fell $19.22 per share, or 20.4%, to close at $75.01 per share on April 26, 2018, thereby injuring investors.
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