SAN FRANCISCO, Oct. 2, 2019 /PRNewswire/ -- Hagens Berman notifies Tandy Leather Factory, Inc. (NASDAQ: TLF) investors of the firm's investigation of possible violations of federal securities laws.
Tandy Leather Factory, Inc. (TLF) Investigation:
The investigation centers on the propriety of Tandy Leather reported inventory costs for the first and second quarters of 2019.
On August 13, 2019, Tandy Leather announced the Audit Committee of the Company's Board of Directors, with the assistance of a forensic accountant and legal counsel, was investigating the Company's methods of valuation and expensing costs of inventory.
On August 15, 2019, the Company disclosed it would not timely file its quarterly financial report and that the Audit Committee's investigation covered the entire first half of 2019.
In response to this news, the price of Tandy Leather shares sharply fell.
"We're focused on investors' losses and whether Tandy Leather inaccurately valued and expensed its reported inventory costs in an effort to appear more profitable," said Hagens Berman partner Reed Kathrein.
Whistleblowers: Persons with non-public information regarding Tandy Leather should consider their options to help in the investigation or take advantage of the SEC Whistleblower program. Under the new program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, call Reed Kathrein at 510-725-3000 or email mailto:TLF@hbsslaw.com.
About Hagens Berman
Hagens Berman is a national law firm with nine offices in eight cities around the country and eighty attorneys. The firm represents investors, whistleblowers, workers and consumers in complex litigation. More about the firm and its successes is located at hbsslaw.com. For the latest news visit our newsroom or follow us on Twitter at @classactionlaw.
Reed Kathrein, 510-725-3000
SOURCE Hagens Berman Sobol Shapiro LLP