Stock Drops At Least 68% Since Beginning of 2020
WELLINGTON, Fla., June 02, 2020 (GLOBE NEWSWIRE) — Barbuto & Johansson, P.A. (“BARJO”) and Of Counsel, Neil Rothstein, Esq. (with over 30 years of Securities Class Action Experience, including cases against ENRON and Halliburton) announces that it has commenced an investigation on behalf of investors of Coty Inc. (NYSE: COTY) into whether Coty and certain of its executives may be liable for potential violations of federal securities laws. BARJO encourages purchasers of COTY securities as well as anyone with information to assist in this investigation to contact the attorneys below for more information.
On Friday, May 29, 2020, Forbes reported that Kylie Jenner allegedly provided the magazine with misleading information about the value of her cosmetics brand, and that based on public filings by Coty, Kylie Cosmetics was “significantly smaller, and less profitable” than it previously believed and that Kylie Jenner “is not a billionaire.” On this news, Coty, which had previously acquired a majority stake in Kyle Cosmetics valued at $1.2 billion, dropped 13%, extending its decline to 68% in 2020. Kylie Jenner denies claims that she was untruthful about the value of her company when it was sold to Coty.
On June 1, 2020, Coty appointed its current chairman as CEO, marking the fourth leader of the cosmetics company in four years, and finalized a $2.5 billion deal to sell a majority stake of its professional beauty and retail hair-care businesses to KKR & Co.
If you purchased or acquired shares of Coty or have information relevant to this matter, the Firm encourages you to contact the Firm’s managing partner, Anthony Barbuto, Esq., at (888) 715-2520 or via email at [email protected]; or Neil Rothstein, Esq. via email at [email protected] to discuss this case and shareholder rights.
Barbuto & Johansson, P.A.
Anthony Barbuto, Esq.
12773 Forest Hill Blvd., 101
Wellington, FL 33414
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