Kahn Swick & Foti, LLC And Former Louisiana Attorney General Announce Investigation Into Kid Brands, Inc. Following 25% Stock Decline In Wake Of Apparent Customs Violations - KID
Kahn Swick & Foti, LLC (“KSF”) and Former Attorney General of Louisiana, Charles C. Foti, Jr. announce the commencement of an investigation into Kid Brands, Inc. ("Kid Brands" or the "Company") (NYSE: KID), following the Company’s announcement that it has replaced its President and Managing Director of operations of its LaJobi unit. Shares of the Company were down over 25% today to close at $6.91 per share.
According to the Board's investigation, it found instances at LaJobi in which incorrect import duties were applied on certain wooden furniture imported from vendors in China, resulting in a violation of anti-dumping regulations. As a result, Kid Brands currently estimates that it will incur costs of approximately $7 million relating to customs duty owed and may be assessed a penalty by U.S. Customs as well as possibly being subject to assessment for additional duties on other items.
If you have information that would assist KSF in its investigation, or would like to discuss your legal rights as a shareholder, you may, without obligation or cost to you, e-mail or call KSF Managing Partner, Lewis Kahn ( email@example.com), toll free 1-877-515-1850, after hours via cell phone 504-301-7900, or KSF Director of Client Relations, Neil Rothstein, Esq. ( firstname.lastname@example.org), toll free at 877-694-9510, or after hours via cell phone 330-860-4092.
About Kahn Swick & Foti, LLCKSF, whose partners include the Former Louisiana Attorney General Charles C. Foti, Jr., is a law firm focused on securities class action and shareholder derivative litigation with offices in New York and Louisiana. KSF's lawyers have significant experience litigating complex securities class actions nationwide on behalf of both institutional and individual shareholders. Recent cases include In re Virgin Mobile USA IPO Litigation, 2:07-cv-05619-SDW-MCA (D. N.J.), Co-Lead Counsel, $19.5 million settlement; In re BigBand Networks, Inc Securities Litigation, 3:07-CV-05101-SBA (C.D. Cal.), Co-Lead Counsel, $11 million settlement ; In re U.S. Auto Parts Networks, Inc. Securities Litigation, 2:07-cv-02030-GW-JC (C.D. Cal.), Lead Counsel, $10 million settlement. KSF is also federally court-appointed Co-Lead Counsel in THE shareholder derivative cases against BP, AIG and Bank of America (Merrill Lynch merger) emanating from their recent multi-billion dollar economic declines. To learn more about KSF, you may visit www.ksfcounsel.com.
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