SAN DIEGO–(BUSINESS WIRE)–$DOOR #Doors—Robbins LLP informs stockholders that a class action was filed on behalf of all sellers of Masonite International Corporation (NYSE: DOOR) (k/n/a Owens Corning’s Doors) common stock between June 5, 2023 and February 8, 2024. Masonite is a leading global designer, manufacturer, marketer, and distributor of interior and exterior doors and door solutions for the residential and non-residential building construction markets’ new construction and repair, renovation and remodeling sectors
For more information, submit a form, email attorney Aaron Dumas, Jr., or give us a call at (800) 350-6003.
The Allegations: Robbins LLP is Investigating Allegations that Masonite International Corporation (DOOR) Misled Investors Regarding its Acquisition by Owens Corning’s Doors
According to the complaint, this action arises from defendants’ material omissions and misrepresentations concerning Owens Corning’s offers to purchase all of Masonite’s outstanding common stock at significant premiums to the Company’s stock price and the Company’s repurchases of millions of dollars’ worth of its shares without disclosing material nonpublic information about Owens Corning’s offers, which, if disclosed as required, would have indicated to investors that Masonite’s stock was worth significantly more.
Plaintiff alleges that Masonite made no disclosure concerning Owens Corning’s offers for approximately eight months, while the Company repurchased millions of dollars of its own shares at prices far below Owens Corning’s offers. In total, Masonite repurchased nearly 270,000 of its outstanding shares from unsuspecting investors for approximately $25 million between June 2023 and December 2023, despite knowing that Owens Corning was continuously proposing offers at a significant premium to Masonite’s then stock price. At the same time, defendants made numerous misleading statements touting this significant repurchase activity, repeatedly updating investors about these buybacks during the class period and telling investors the buybacks were meant to “distribut[e] capital back” to investors, all with no disclosure concerning Owens Corning’s credible offer(s) to acquire Masonite shares at materially higher prices.
On February 9, 2024, Masonite issued a press release announcing the execution of the arrangement agreement. Finally, eight months after receiving the offer, defendants apprised investors that Owens Corning was willing to pay a significant premium over the market price for Masonite common stock. On this news, Masonite’s common stock price skyrocketed to $130.51 at market close on February 9, 2024, a 35.1% increase over the closing price on the prior trading day.
What Now: You may be eligible to participate in the class action against Masonite International Corporation. Shareholders, who wish to serve as lead plaintiff for the class should contact Robbins LLP. The lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. You do not have to participate in the case to be eligible for a recovery. If you choose to take no action, you can remain an absent class member. For more information, click here.
All representation is on a contingency fee basis. Shareholders pay no fees or expenses.
About Robbins LLP: A recognized leader in shareholder rights litigation, the attorneys and staff of Robbins LLP have been dedicated to helping shareholders recover losses, improve corporate governance structures, and hold company executives accountable for their wrongdoing since 2002.
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Contacts
Aaron Dumas, Jr.
Robbins LLP
5060 Shoreham Pl., Ste. 300
San Diego, CA 92122
[email protected]
(800) 350-6003
www.robbinsllp.com
