Levi & Korsinsky is investigating potential claims on behalf of purchasers of the securities of Kid Brands, Inc. (NYSE: KID) concerning possible violations of federal securities laws. On March 15, 2011, Kid Brands announced it would delay the filing of its Annual Report for the year ended December 31, 2010 due to information uncovered during an investigation into practices at its LaJobi subsidiary. The investigation found instances where incorrect import duties were applied to furniture imported from vendors in China, resulting in violations of anti-dumping regulations. As a result of the continuing investigation, LaJobi’s President, Larry Bivona, was terminated. Following the announcement, shares of Kid Brands dropped from a close of $9.24 per share on March 14, 2011 to a trading low of $6.57 on March 15, 2011. The investigation concerns whether the Kid Brands issued materially inaccurate financial statements to the investing public and whether the officers and directors of the company failed to exercised appropriate oversight over the LaJobi subsidiary. If you own Kid Brands stock and wish to obtain additional information about the investigation and your legal rights, please contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://www.zlk.com/kid-brands.html. Levi & Korsinsky has expertise in prosecuting investor securities litigation and extensive experience in actions involving financial fraud and represents investors throughout the nation, concentrating its practice in securities and shareholder litigation. The attorneys at Levi & Korsinsky have been appointed by numerous courts throughout the country to serve as lead counsel on behalf of shareholders in major litigations involving mergers and acquisitions. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
Shares of Kid Brands (NYSE:KID) were gapping down Wednesday morning with an open price 15.4% lower than Tuesday's closing price. The stock closed at $7.40 yesterday and opened today's trading at $6.26.