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Philadelphia, Pennsylvania--(Newsfile Corp. - November 10, 2023) - A recently filed class action complaint alleges certain of Hayward Holdings' (NYSE: HAYW) officers made false and/or misleading statements and/or failed to disclose that: (i) Hayward Holdings and its management had engaged in a channel-stuffing scheme designed to artificially boost Hayward Holdings' short-term sales and earnings; (ii) Hayward Holdings had flooded its channel partners with inventory that they did not want or need at a level that far outpaced then-existing consumer demand; (iii) Hayward Holdings' channel partners were suffering from an inventory glut as a result of the channel-stuffing scheme that would require a massive de-stocking in the second half of 2022; (iv) Hayward Holdings' channel-stuffing scheme had cannibalized future sales, materially impairing Hayward Holdings' ability to sell to its customers; (v) the demand for pool equipment had slowed down, which, combined with flooding channel partners with more inventory, led to an inventory glut and the need for these channel partners to reduce inventory levels; and (vi) as a result of the above, Hayward Holdings' projected 2022 financial results were not achievable and lacked a reasonable basis in fact.
Current Hayward Holdings shareholders who have held Hayward Holdings shares since prior to March 2, 2022, can seek corporate reforms, the return of funds spent defending litigation back to the company, and a court approved incentive award at no cost to them whatsoever.
If you would like to learn more about this matter, you are encouraged to visit https://grabarlaw.com/the-latest/hayward-holdings-shareholder-investigation/, contact Joshua H. Grabar at jgrabar@grabarlaw.com, or Mia R. Heller at mheller@grabarlaw.com, or call 267-507-6085.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187027
SOURCE Grabar Law Office
