Investigation Launched into Hayward Holdings
In a significant development, Kahn Swick & Foti, LLC (KSF), led by former Louisiana Attorney General Charles C. Foti, Jr., has embarked on an investigation related to Hayward Holdings, Inc. (NYSE: HAYW). The inquiry follows alarming revelations regarding the company’s financial performance and stockholder implications. As attention grows, so do concerns for investors.
On July 28, 2022, Hayward Holdings publicly revealed disappointing second-quarter results. The announcement indicated a drastic inventory de-stocking approach, with projections that channel partners would reduce their inventory levels by four to six weeks in the latter half of the year. This significant change underscored a troubling outlook for the company’s annual net sales, which was now anticipated to decline by 2% to 6% instead of the previously expected growth of 9% to 12%.
Furthermore, the company reported a substantial reduction in anticipated adjusted earnings, decreasing from the original forecast of $460 million to $475 million down to just $385 million to $400 million. These unanticipated revisions sparked shareholder concern and led to legal actions against several of the company's executives, accusing them of failing to disclose crucial information that may have influenced investment decisions. The implications of these issues became even more pronounced when a court rejected the company's motion to dismiss the ongoing securities class action lawsuit, allowing the case to continuously unfold, raising alarms over corporate governance.
KSF’s investigation is concentrated on whether Hayward's leadership—and any associated directors—have violated their fiduciary responsibilities to shareholders or contravened any local or federal laws. This inquiry aims to assess the degree of accountability that these officials hold in connection with the financial irregularities reported.
Investors with valuable insights or individuals who have maintained long-term holdings in Hayward shares are encouraged to step forward to assist KSF in gathering pertinent information. The firm is inviting stakeholders to reach out via a toll-free hotline at 1-833-938-0905 or by emailing KSF Managing Partner Lewis Kahn at lewis.kahn@ksfcounsel.com. There’s also an option to explore more details through their website: https://www.ksfcounsel.com/cases/nyse-hayw/
About Kahn Swick & Foti, LLC
Kahn Swick & Foti, LLC stands as a preeminent boutique law firm focusing on securities litigation, gaining recognition for its exceptional track record. Positioning itself among the top 10 nationwide firms in terms of settlement value, KSF represents a diverse clientele, catering to both institutional and retail investors. Their mission revolves around securing recoveries for clients affected by corporate malfeasance or fraud.
With offices strategically located across the United States—including New York, Delaware, California, Louisiana, and Chicago—alongside a footprint in Luxembourg, KSF exemplifies a commitment to serving the needs of its clients in navigating complex legal challenges. For more information about their practice or to access their resources, visit
www.ksfcounsel.com.
As the investigation unfolds and more details emerge, stakeholders remain on high alert. The implications of such high-profile cases emphasize the necessity for transparency and accountability in corporate governance, as investors closely monitor the actions and communications of Hayward Holdings' management in the times ahead.