IRVINE, Calif., April 26, 2017 /PRNewswire/ -- Khang & Khang LLP (the "Firm") announces the filing of a class action lawsuit against Tempur Sealy International ("Tempur Sealy" or the "Company") (NYSE: TPX). Investors who purchased or otherwise acquired shares between July 28, 2016 and January 27, 2017, inclusive (the "Class Period"), are encouraged to contact the Firm in advance of the May 23, 2017 lead plaintiff motion deadline.
If you purchased Tempur Sealy shares during the Class Period, please contact Joon M. Khang, Esq., of Khang & Khang LLP, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or by e-mail at email@example.com.
There has been no class certification in this case yet. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, during the Class Period, Tempur Sealy made materially false and misleading statements and/or failed to disclose: that Mattress Firm Holding Corp. ("Mattress Firm"), the Company's largest customer which accounted for approximately 25% of its 2015 net sales, engaged in active negotiations to be acquired and that any such acquisition was reasonably likely to have a material adverse effect in Tempur Sealy's 2016 third and fourth quarter operating results; that Tempur Sealy was engaged in active discussions with Mattress Firm about modifications to their long-term supply agreements; that Mattress Firm was seeking significant economic concessions from Tempur Sealy; that the Company lacked a reasonable basis for its positive statements associated with Mattress Firm; and that based on the above, the Company lacked a reasonable basis for its positive statements about its then-current business and future financial prospects. On January 27, 2017, Tempur Sealy announced that it would stop doing business with Mattress Firm during the first quarter of 2017. Upon release of this news, shares of Tempur Sealy dropped in value materially, causing investors harm.
If you wish to learn more about this lawsuit, or if you have any questions about this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or by e-mail at firstname.lastname@example.org.
This press release may constitute Attorney Advertising in certain jurisdictions.
Joon M. Khang, Esq.
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SOURCE Khang & Khang LLP