Morgan & Morgan Announces that a Securities Class Action Lawsuit Has Been Filed Against lululemon athletica, Inc.
NEW YORK, July 5, 2013 /PRNewswire/ -- Morgan & Morgan announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of purchasers of lululemon athletica, Inc. ("lululemon" or the "Company") (NASDAQ: LULU; TORONTO: LLL.TO) common stock during the period between March 21, 2013 and June 10, 2013 (the "Class Period").
If you purchased lululemon during the Class Period, you may, no later than September 3, 2013, request that the Court appoint you lead plaintiff of the proposed class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. Any member of the purported class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
The complaint alleges that defendants failed to disclose that: (a) product defects in the Company's Luon yoga pants shipped on March 1, 2013 resulted in part from the Company's attempts to raise profit margins by cutting costs (b) the Company was forced to sell product at a discount to obtain sales and protect market share; that (c) discussions were underway concerning the possible replacement of CEO Christine McCormick Day ("Day"); and (d) as a result of the defendants' positive statements, shares of lululemon stock were artificially inflated.
On June 10, 2013, the Company issued a release announcing its first quarter results and that Day was stepping down as CEO. Following this news, shares of lululemon fell $14.43 or 17.5%, to close at $67.85 on June 11, 2013
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