NEW YORK–(BUSINESS WIRE)–The law firm of Kirby McInerney LLP announces that a class action lawsuit has been filed on behalf of investors who sold Masonite International Corporation (“Masonite” or the “Company”) (NYSE:DOOR) securities during the period of June 5, 2023 through February 8, 2024, inclusive (“the Class Period”).
You have until April 7, 2026 to request lead plaintiff appointment. Courts do not consider lead plaintiff applications submitted after this deadline. If you choose to take no action, you may remain an absent class member. For more information about the lawsuit:
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What Is This Lawsuit About? The lawsuit alleges that at the time that Masonite was repurchasing Masonite stock throughout the Class Period, Masonite knew that it had received multiple formal acquisition offers from Owens Corning to purchase all outstanding shares of Masonite common stock at prices significantly above the then-current market prices of Masonite common stock, and therefore significantly above the prices at which Masonite was repurchasing Masonite common stock from unsuspecting class members. Thus, Masonite had an obligation to disclose that it had received these formal acquisition offers from Owens Corning or abstain from purchasing Masonite stock from unsuspecting investors.
On February 9, 2024, prior to market open, Masonite issued a press release announcing the execution of the arrangement agreement. Finally, eight months after receiving the first offer from Owens Corning to acquire Masonite, the Company apprised investors that Owens Corning was willing to acquire all the Company’s outstanding stock for $133 per share, a significant cash premium over Masonite’s then stock price of $94.09 per share. On this news, the price of Masonite shares rose by $33.85 per share, or approximately 35.1%, from $96.56 per share on February 8, 2024 to close at $130.41 on February 9, 2024.
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The Lead Plaintiff Appointment Process. The federal securities laws permit any investor who is a purported class member as defined by the class action lawsuit to seek appointment as lead plaintiff. Courts typically appoint the investor(s) with the largest financial interest in the case and the ability to represent the class rather than investors with simply the largest investment portfolio. Courts regularly appoint individual investors, whether acting alone or as a group, as lead plaintiffs. The rights of any investor who is a purported class member are generally already protected. However, lead plaintiffs have the power to influence case strategy and have a say in settlement decisions, as well as decisions concerning allocation of settlement funds among class members.
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What Should I Do? If you sold Masonite securities during the class period, have information, or would like to learn more about this investigation, please contact Lauren Molinaro of Kirby McInerney LLP by email at [email protected], or fill out the contact form below, to discuss your rights or interests with respect to these matters at no cost.
Kirby McInerney LLP is a New York-based plaintiffs’ law firm concentrating in securities, antitrust, whistleblower, and consumer litigation. The firm’s efforts on behalf of shareholders in securities litigation have resulted in recoveries totaling billions of dollars. Additional information about the firm can be found at Kirby McInerney LLP’s website.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Contacts
Kirby McInerney LLP
Lauren Molinaro, Esq.
212-699-1171
https://www.kmllp.com
https://securitiesleadplaintiff.com/
[email protected]
