SCOTTS MIRACLE-GRO COMPANY (NYSE: SMG) DEADLINE ALERT:

NEW YORK, July 15, 2024 (GLOBE NEWSWIRE) – Bernstein Liebhard LLP:

• Do you own or have you owned shares of The Scotts Miracle-Gro Company (NYSE: SMG)?
• Did you purchase your shares between November 3, 2021 and August 1, 2023 (inclusive)?
• Did you lose money on your investment in The Scotts Miracle-Gro Company?
• Would you like to talk about your rights?

Bernstein Liebhard LLP, a nationally recognized investor rights law firm, reminds investors of the deadline to file a lead plaintiff motion in a class action lawsuit on behalf of investors who purchased common stock of The Scotts Miracle-Gro Company (“Scotts” or the “Company”) (NYSE: SMG) between 3 November 2021 and 1 August 2023inclusive (the “Claim Period”). The lawsuit was filed in the U.S. District Court for the Southern District of Ohio and alleges violations of the Securities Exchange Act of 1934 against the Company and certain of its officers (the “Complaint”).

If you Have purchased or acquired Scotts common stock and/or wish to discuss your legal rights and options Please visit The Scotts Miracle-Gro Company Shareholder Class Action Lawsuit or contact the Investor Relations Manager. Peter Allocco at (212) 951-2030 or [email protected].

If you wish to serve as lead plaintiff, you must move the Court no later than 5 August 2024. A lead plaintiff is a representative party who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

According to the complaint, defendants made numerous materially false and misleading statements and omissions regarding the company’s inventory levels, compliance with credit covenants, and financial performance. Specifically, defendants repeatedly assured investors that the company’s inventory levels were adequate while attributing strong sales to the “sell-off of expensive inventory” that resulted in “peak sales” and “record deliveries.” Defendants also repeatedly allayed investors’ concerns about the company’s debt by stating that they were “optimistic that we will remain within our bank covenants” and “do not foresee any debt compliance issues in the future.”

On August 2, 2023, Scotts announced that quarterly revenue declined 6% in the fiscal third quarter and gross margins declined 420 basis points. The company also cut its fiscal year EBITDA guidance by a whopping 25% and announced a $20 million write-down for “pandemic-related excess inventory.” The company also announced that it had to change its debt covenants to 7.00 times debt-to-EBITDA from a previous ratio of 6.25 times.

Following this news, Scotts’ stock price fell $13.58 per share, or over 19%, to close at $57.86 per share on August 2, 2023.

If you wish to serve as lead plaintiff, you must move the Court no later than 5 August 2024. A lead plaintiff is a representative party who directs the litigation on behalf of other class members. Your ability to share in any recovery is not dependent on your serving as lead plaintiff. If you choose not to take action, you may remain an absent class member.

If you Have purchased or acquired Scotts common stock and/or wish to discuss your legal rights and options Please visit The Scotts Miracle-Gro Company Shareholders Class Action Lawsuit or contact the Investor Relations Manager. Peter Allocco at (212) 951-2030 or [email protected].

Since 1993, Bernstein Liebhard LLP has recovered over $3.5 billion for its clients. In addition to representing individual investors, the firm has been retained by some of the nation’s largest public and private pension funds to oversee their assets and litigate on their behalf. Because of its success in litigating hundreds of lawsuits and class action cases, the firm has been named to the National Law Journal’s “Plaintiffs’ Hot List” thirteen times and has been listed in The Legal 500 for sixteen consecutive years.

ATTORNEY ADVERTISING. © 2024 Bernstein Liebhard LLP. The law firm responsible for this advertising is Bernstein Liebhard LLP, 10 East 40th Street, New York, New York 10016, (212) 779-1414. Past results do not guarantee or predict a similar outcome with respect to future matters.

Contact information:

Peter Allocco
Investor Relations Manager
Bernstein Liebhard LLP
https://www.bernlieb.com
(212) 951-2030
[email protected]