ELMSFORD, N.Y.--(EON: Enhanced Online News)--Party City Holdco Inc. (NYSE: PRTY), the leading, vertically integrated party goods company in North America, announces that the Roy Jones v. Party City Holdco lawsuit has been dismissed by the U.S. District Court in the Southern District of New York.
“We are pleased with the Court's dismissal of the action”
The class action lawsuit was commenced on November 18, 2015 against the company and certain of its officers in connection with the Company’s IPO on April 16, 2015.
On February 1, 2017, the Court granted the defendants' motion in full and dismissed the case against all of the defendants for failure to state a claim upon which relief may be granted. Plaintiffs may seek to appeal the Court’s decision.
"We are pleased with the Court's dismissal of the action," said Jim Harrison, Chief Executive Officer. "We believe the ruling supports our position that the lawsuit was without merit. We will continue to focus our efforts on executing our vertical growth strategy, increasing our market share, expanding our global footprint and delivering meaningful value to all our stakeholders.”
About Party City
Party City Holdco Inc. (the “Company” or “Party City Holdco”) is the leading party goods company by revenue in North America and, we believe, the largest vertically integrated supplier of decorated party goods globally by revenue. The Company is a popular one-stop shopping destination for party supplies, balloons, and costumes. In addition to being a great retail brand, the Company is a global, world-class organization that combines state-of-the-art manufacturing and sourcing operations, and sophisticated wholesale operations complemented by a multi-channel retailing strategy and e-commerce retail operations. The Company is the leading player in its category, vertically integrated and unique in its breadth and depth. Party City Holdco designs, manufactures, sources and distributes party goods, including paper and plastic tableware, metallic and latex balloons, Halloween and other costumes, accessories, novelties, gifts and stationery throughout the world. The Company’s retail operations include over 900 specialty retail party supply stores (including approximately 160 franchise stores) throughout North America operating under the names Party City and Halloween City, and e-commerce websites, principally through the domain name PartyCity.com.