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The Shuman Law Firm Announces the Filing of a Class Action Lawsuit Against Kid Brands, Inc.

  //house-home.news-articles.net/content/2011/03/2 .. class-action-lawsuit-against-kid-brands-inc.html
  Published in House and Home on Tuesday, March 29th 2011 at 17:55 GMT by Market Wire
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BOULDER, Colo.--([ BUSINESS WIRE ])--[ The Shuman Law Firm ] today announced that a class action lawsuit has been filed in the United States District Court for the District of New Jersey on behalf of a class (the aClassa) of investors who purchased Kid Brands, Inc. (aKid Brandsa or the aCompanya) (NYSE:KID) securities between March 26, 2010 through March 15, 2011, inclusive (the aClass Perioda).

If you wish to discuss this action or have any questions concerning this notice or your rights and interests with respect to this matter, please contact Kip B. Shuman or Rusty E. Glenn toll free at (866) 974-8626 or email Mr. Shuman at [ kip@shumanlawfirm.com ] or Mr. Glenn at [ rusty@shumanlawfirm.com ].

On March 15, 2011, Kid Brands announced it would delay the filing of its Annual Report for the year ended December 31, 2010 due to information uncovered during an investigation into practices at its LaJobi subsidiary. The investigation found instances where incorrect import duties were applied to furniture imported from vendors in China, resulting in violations of anti-dumping regulations. As a result of the continuing investigation, LaJobia™s President, Larry Bivona, was terminated. Following this announcement, shares of Kid Brands dropped from a close of $9.24 per share on March 14, 2011 to close at $6.91 per share on March 15, 2011.

The Complaint alleges that, throughout the Class Period, Defendants made false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations and management with respect to the above issues. Specifically, Defendants allegedly failed to disclose: (1) that the Company was improperly applying import duties; (2) that the Company lacked adequate internal and financial controls; and (3) that, as a result of the foregoing, the Company's financial results were materially false and misleading during the Class Period.

If you purchased Kid Brands common stock during the Class Period, you may request that the Court appoint you as lead plaintiff of the class no later than May 23, 2011. A lead plaintiff is a class member that acts on behalf of other class members in directing the litigation. Although your ability to share in any recovery is not affected by the decision whether or not to seek appointment as a lead plaintiff, lead plaintiffs make important decisions which could affect the overall recovery for class members.

The Shuman Law Firm represents investors throughout the nation, concentrating its practice in securities class actions and shareholder derivative actions.