Bernstein Liebhard LLP is investigating whether wrongdoing occurred at Kid Brands, Inc. (“Kid” or the “Company”) (NYSE: KID). On March 15, 2011, Kid 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 fell 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 Kid issued materially inaccurate financial statements to the investing public and whether the officers and directors of the company failed to exercise appropriate oversight of the LaJobi subsidiary. If you are interested in discussing your rights as a Kid shareholder and/or have information relating to the matter, please contact Joseph R. Seidman, Jr. at (877) 779-1414 or firstname.lastname@example.org. Bernstein Liebhard has pursued hundreds of securities, consumer cases and recovered almost $3 billion for its clients. It has been named to The National Law Journal’s “Plaintiffs’ Hot List” in each of the last eight years.
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.