Hayward Holdings, Inc. (NYSE: HAYW)

Join This Class Action

NEW YORK, NY –  August  11, 2023 – Wolf Haldenstein Adler Freeman & Herz LLP  (“Wolf  Haldenstein”) reminds investors that a federal securities class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of persons and entities that purchased or otherwise acquired Hayward Holdings, Inc. (“Hayward” or the “Company”) (NYSE: HAYW)common stock between March 2, 2022 and July 27, 2022, inclusive (the “Class Period”). 

All investors who purchased shares and incurred losses are  advised  to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. 

If you have incurred losses, you may, no later than October 2, 2023, request that the Court appoint you lead plaintiff of the proposed class. Please contact Wolf Haldenstein to learn more about your rights.

The filed complaint filed alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors:

  • that Hayward and its management had engaged in a channel-stuffing scheme designed to artificially boost Hayward’s short-term sales and earnings;
  • that Hayward had flooded its channel partners with inventory that they did not want or need at a level that far outpaced then-existing consumer demand;
  • that Hayward’s channel partners were suffering from an inventory glut as a result of the channel-stuffing scheme that would require a massive destocking in the second half of 2022;
  • that Hayward’s channel-stuffing scheme had cannibalized future sales, materially impairing the Company’s ability to sell to its customers;
  • that 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
  • as a result, Defendants’ positive statements about the Company’s business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all times.

On July 28, 2022, Hayward disclosed that it was expecting its channel partners to reduce its inventory on hand by approximately 4 to 6 weeks in the second half of 2022. As a result, the Company updated its full year 2022 outlook expecting net sales to decline between 2% and 6% year-over-year, compared to
prior guidance expecting net sales growth between 9% and 12% year-over-year.

On this news, the price of Hayward’s stock price fell $2.50, or 17.9%, to close at $11.21 per share on July 28, 2022.

Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country.  The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego.  The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.

If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735 or via e-mail at classmember@whafh.com.

Contact:

Wolf Haldenstein Adler Freeman & Herz LLP

Patrick Donovan, Esq.

Gregory Stone, Director of Case and Financial Analysis

Email: gstone@whafh.com, donovan@whafh.com or classmember@whafh.com

Tel: (800) 575-0735 or (212) 545-4774

 

This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.

 


Certification and Authorization Pursuant to Federal Securities Laws

  • The individual or entity listed below requests Wolf Haldenstein Adler Freeman & Herz LLP to file an action or motion for appointment as lead plaintiff and lead counsel under the federal securities laws to recover damages and to seek other relief against Hayward Holdings, Inc. (NYSE: HAYW). Wolf Haldenstein Adler Freeman & Herz LLP will not do so until you complete a retainer agreement authorizing us to prosecute the action on a contingent fee basis.

  • I, individually or on behalf of the entity I represent ("I"), hereby certify as follows:

    1. I have reviewed the complaint and authorize the filing of a lead plaintiff motion or action on my behalf.
    2. I did not acquire the security that is the subject of this action at the direction of the Firm or in order to participate in this private action or any other litigation under the federal securities laws.
    3. I am willing to serve as a representative party on behalf of a class, including providing testimony at deposition and trial, if necessary.
    4. I represent and warrant that I am fully authorized to enter into and execute this certification.
    5. I will not accept any payment for serving as a representative party on behalf of the class beyond my pro rata share of any recovery, except such reasonable costs and expenses (including lost wages) directly relating to the representation of the class as ordered or approved by the court.
    6. I have made no transaction(s) during the Class Period in the debt or equity securities that are the subject of this action except those set forth below:
  • Type of SecurityBuy Date (mm/dd/yy)# of SharesPrice per Share 
  • Type of SecuritySell Date (mm/dd/yy)# of SharesPrice per Share 
  • Signed pursuant to California Civil Code Section 1633.1, et seq. - and the Uniform Electronic Transactions Act as adopted by the various states and territories of the United States.

Date of signing: 09/27/2023