NEW YORK, April 15, 2011 (GLOBE NEWSWIRE) -- Pomerantz Haudek Grossman & Gross LLP is investigating claims on behalf of investors of Kid Brands, Inc. ("Kid Brands" or the "Company") during the period from March 29, 2010 – March 14, 2011 (the "Class Period"). Such investors are advised to contact Rachelle R. Boyle at firstname.lastname@example.org or 888-476-6529, ext. 237.
Kid Brands designs, develops, and distributes infant and juvenile branded products. The investigation concerns whether the Company and a subsidiary made improper payments of import duties on certain wooden furniture imported from vendors in China, including misidentifying the manufacturer and shipper of products, resulting in a violation of anti-dumping regulations. On March 15, 2011, the Company disclosed that it incurred costs of approximately $7 million relating to customs duty owed and may be assessed a penalty by U.S. Customs as well as possibly being subject to assessment for additional duties on other items.
In response to this news, Kid Brands shares fell nearly $2.25 or more than 24 percent.
The Pomerantz Firm, with offices in New York, Chicago, and Washington, D.C., is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See .
CONTACT: Rachelle R. Boyle Pomerantz Haudek Grossman & Gross LLP 888-476-6529 (ext. 237) email@example.com