WAYNE, Pa., May 2, 2016 /PRNewswire/ -- Ryan & Maniskas, LLP announces that a class action lawsuit has been filed in United States District Court for the Southern District of New York on behalf of all persons or entities that purchased La Quinta Holdings Inc. (NYSE: LQ) ("La Quinta" or the "Company") common stock pursuant to the Company's secondary public offering on or about March 24, 2015, as well as purchasers of La Quinta common stock purchased between February 25, 2015 and September 17, 2015, inclusive (the "Class Period").
La Quinta shareholders may, no later than June 24, 2016, move the Court for appointment as a lead plaintiff of the Class. If you purchased shares of La Quinta and would like to learn more about these claims or if you wish to discuss these matters and have any questions concerning this announcement or your rights, contact Richard A. Maniskas, Esquire toll-free at (877) 316-3218 or to sign up online, visit: www.rmclasslaw.com/cases/lq.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 and the Securities Act of 1933 by virtue of the defendants' failure to disclose during the Class Period that La Quinta was experiencing declining customer demand and market share losses due, in part, to: certain of La Quinta's facilities being outdated and in need of major renovation, necessitating that the company make significant capital expenditures and undergo operational disruptions; on-going disruptions caused by the transitioning of the Company's call center operations; and La Quinta's overstatement of the amounts buyers were willing to pay for certain of its properties.
Following the July 29, 2015 announcement that earnings had been adversely affected by a $4 million loss on the sale of a property and an approximate $42 million impairment charge associated with the potential sale of 24 Company-owned hotels and the September 17, 2015 Company announcement that it had further reduced its 2015 financial guidance and that its President and Chief Executive Officer had stepped down from his leadership positions in the Company by mutual agreement with the Company's Board of Directors, the value of La Quinta shares declined significantly.
If you are a member of the class, you may, no later than June 24, 2016, request that the Court appoint you as lead plaintiff of the class. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as "lead plaintiff." Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Ryan & Maniskas, LLP or other counsel of your choice, to serve as your counsel in this action.
For more information regarding this, please contact Ryan & Maniskas, LLP (Richard A. Maniskas, Esquire) toll-free at (877) 316-3218 or by email at firstname.lastname@example.org or visit: www.rmclasslaw.com/cases/lq. For more information about class action cases in general or to learn more about Ryan & Maniskas, LLP, please visit our website: www.rmclasslaw.com.
Ryan & Maniskas, LLP is a national shareholder litigation firm. Ryan & Maniskas, LLP is devoted to protecting the interests of individual and institutional investors in shareholder actions in state and federal courts nationwide.
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SOURCE Ryan & Maniskas, LLP