Newell Brands Securities Suit Over Jarden Purchase Tossed Again

Newell Brands Inc. convinced the Third Circuit Tuesday to affirm the dismissal of a federal securities class action brought on behalf of purchasers of Newell stock who said company executives issued false and misleading financial guidance in connection with the $15.3 billion acquisition of competitor Jarden Corp.

The Hampshire County Council Pension Fund alleged that the company and top executives tried to conceal operational problems from investors and misled them about the true nature of the company’s downturn. Newell reported favorable financial performance during the beginning of the class period, but that was undercut by “steep promotional discounts” that led ...