NEW YORK, May 6, 2016 /PRNewswire/ -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed on behalf of those who purchased shares of Tailored Brands, Inc. ("Tailored Brands" or "the Company") (NYSE: TLRD), formerly known as The Men's Wearhouse, Inc (NYSE: MW) during the period between June 18, 2014 and December 9, 2015 inclusive (the "Class Period").
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934 (the "Exchange Act").
Tailored Brands, Inc., is a Texas corporation that operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada. On January 31, 2016, Tailored Brands became the holding company of Men's Wearhouse.
The Complaint alleges that throughout the Class Period defendants issued false and misleading statements to investors and that the acquisition of Jos. A. Bank Clothiers, Inc. by The Men's Warehouse. Inc. created a huge retailer renamed Tailored Brands, Inc., and was hyped by the President and CEO while the Company allegedly was experiencing significant issues growing its revenue.
On June 18, 2014, Tailored Brands broadcasted the completion of its acquisition of Jos. A. Bank Clothiers, Inc. for $65.00 per share. Doug Ewert, President and Chief Executed Office of Tailored Brands (at the time known by its former name, The Men's Wearhouse, Inc.), hyped the collaborations and benefits of its acquisition and called the newly combined enterprise "a truly great company for all of our stakeholders." Following this announcement and on that day, the Company closed at $55.86 per share.
On November 5, 2015 post market, the Company released its initial third quarter results with an updated fiscal year 2015 outlook. Shareholders were told that there "were significant comparable sales weakness at Jos. A. Bank. During the third quarter comparable sales decreased 14.6% at Jos. A. Bank, far below the Company's earlier expectations. This decrease was primarily driven by a decline in traffic as the Company began the transition away from the Buy-One-Get-Three promotional events."
The Company's fourth quarter, which should have been busier during Holiday season, expected sales at Jos. A. Bank to be down between 20 – 25% compared to the prior year's fourth quarter. When this news entered the market, Tailored Brands, Inc. stock (known as The Men's Wearhouse, Inc. at the time), collapsed $19.40 per share, or 48%, to close at $22.70 per share on extremely high volume.
On December 9, 2015, post market, the Company released its third quarter earnings, which were even more disappointing than its previously expectations. Furthermore, Jos. A. Bank same-store sales in the fourth quarter was down about 35%. Following this news, Tailored Brands, Inc. stock (known as The Men's Wearhouse, Inc. at the time), fell an additional $3.30 per share to close at $15.27.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint or join the action, please visit the firm's site: http://www.bgandg.com/#!tlrd/kj89p. To discuss this action, or for any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email email@example.com. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Tailored Brands, Inc. you have until May 31, 2016 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Bronstein, Gewirtz & Grossman, LLC
Peretz Bronstein or Yael Hurwitz
212-697-6484 | firstname.lastname@example.org
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