Law office of Brodsky & Smith, LLC announces that it is investigating Schweitzer-Mauduit International, Inc. (“Schweitzer” or the “Company”) (Nasdaq: SWM) investment of Plan participants and beneficiaries assets in company stock. The investigation concerns whether administrators breached their fiduciary duties and violated the Employee Retirement Income Security Act of 1974 (“ERISA”) by investing assets in company stock when it was not a prudent investment for participants’ retirement savings.
A lawsuit on behalf of those who purchased the common stock of Schweitzer seeking class action status, which has been filed in the United States District Court for the Northern District of Georgia, charges that defendants issued materially false and misleading statements regarding the Company’s business and financial results. Specifically, it is alleged that during the Class period defendants misrepresented the strength of Schweitzer’s competitive position and concealed problems with the Company’s most important customer. As a result, Schweitzer’s stock traded at artificially inflated prices.
If you are a participant in the Schweitzer-Mauduit International Retirement Plan or 401K and wish to discuss the legal ramifications of the administrator’s investment in Company stock, you may e-mail or call the law office of Brodsky & Smith, LLC who will, without obligation or cost to you, attempt to answer your questions. You may contact Jason L. Brodsky, Esquire or Evan J. Smith, Esquire at Brodsky & Smith, LLC, Two Bala Plaza, Suite 602, Bala Cynwyd, PA 19004, by e-mail at firstname.lastname@example.org, or by calling toll free 877-LEGAL-90.