NEW YORK, Nov. 13, 2019 /PRNewswire/ -- Kaplan Fox & Kilsheimer LLP (www.kaplanfox.com) has been investigating claims on behalf of investors who purchased the shares and bonds of Party City Holdco Inc. ("Party City" or the "Company") PRTY.
On May 9, 2019, Party City reported that it had "signed a multi-year letter of agreement with a new source of helium, which, subject to final execution of the definitive contracts we believe will provide additional quantities of helium beginning in Q3, thereby eliminating helium shortfalls. . . ."
On August 8, 2019, Party City reported its second quarter 2019 financial results for the period ended June 30, 2019. CEO James M. Harrison ("Harrison") stated that Party City "continued to experience headwinds from direct and indirect impacts of the helium shortages," but also represented that Party City had "secured additional helium supply."
On November 7, 2019, Party City reported its third quarter 2019 financial results for the period ended September 30, 2019, as well as total revenue for fiscal October 2019. The Company's press release quoted CEO Harrison as stating "[o]ur third quarter and October results were disappointing as many of the tailwinds that we expected failed to materialize." Specifically, CEO Harrison elaborated that "[t]he negative impact of helium shortages was felt across the business on both the top and bottom line" and that Party City had only "approached a 100% in stock helium position since we began the fourth quarter."
On November 7, 2019 Party City shares and bonds plunged, including a $4.10 per share decline, more than 67%, in the price of Party City's common stock, to close at $2 per share on November 7, 2019.
If you purchased Party City shares or other securities and would like to discuss our investigation, please contact us by emailing pmayer@kaplanfox.com or by calling 800-290-1952.
This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Kaplan Fox & Kilsheimer LLP, with offices in New York, San Francisco, Los Angeles, Chicago and New Jersey, has many years of experience in prosecuting investor class actions. For more information about Kaplan Fox & Kilsheimer LLP, you may visit our website at www.kaplanfox.com. If you have any questions about your rights or interests, please contact:
Frederic S. Fox
KAPLAN FOX & KILSHEIMER LLP
850 Third Avenue, 14th Floor
New York, New York 10022
(800) 290-1952
(212) 687-1980
Fax: (212) 687-7714
E-mail: ffox@kaplanfox.com
Laurence D. King
KAPLAN FOX & KILSHEIMER LLP
350 Sansome Street, Suite 400
San Francisco, California 94104
(415) 772-4700
Fax: (415) 772-4707
E-mail: lking@kaplanfox.com
SOURCE Kaplan Fox & Kilsheimer LLP
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