Newell Execs Sank Company Stock Value, Shareholders Say

Law360 (October 31, 2018, 9:35 PM EDT) -- Newell Brands Inc. stockholders sued the company’s directors and top officers in Delaware District Court Tuesday, accusing them in a six-count suit of federal securities law violations, unjust enrichment, corporate waste and fiduciary breaches allegedly coinciding with a steep business downturn.

It was the latest of four federal suits filed in Delaware and New Jersey seeking damages on the company’s behalf or directly for stockholders following a tumble of Newell’s stock value from its second-highest-ever $54.85 per share in in June 2017 to $15.88 at the close of business Wednesday.

The Delaware suits, both filed in district court this week, accuse...

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