NEW YORK, April 24, 2017 /PRNewswire/ -- Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tempur Sealy International, Inc. ("Tempur Sealy" or the "Company") (NYSE: TPX) of the May 23, 2017 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against the Company and certain officers.
The lawsuit has been filed in the U.S. District Court for the Southern District of New York on behalf of all those who purchased Tempur Sealy common stock between July 28, 2016 and January 27, 2017, (the "Class Period"). The case, Buehring v. Tempur Sealy International, Inc. et al., No. 1:17-cv-02169 was filed on March 24, 2017, and has been assigned to Judge Lewis A. Kaplan.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by making materially false and/or misleading statements and/or failing to disclose that the Company: (i) deceived the public regarding its financial performance, business, products, operations, and prospects; (ii) enabled corporate insiders of the Company to sell over $8.2 million of Tempur Sealy common stock to the unsuspecting public at inflated prices; and (iii) caused shareholders to purchase Tempur Sealy stock at artificially inflated prices.
Specifically, on August 7, 2016, Steinhoff International Holdings agreed to buy Mattress Firm for approximately $2.4 billion. As a result of the acquisition, Mattress Firm experienced a disruption in its business. Thereafter, Mattress Firm attempted to renegotiate its supply agreements with Tempur Sealy seeking "significant economic concessions" from the Company. However, Mattress Firm and Tempur Sealy were unable to reach a resolution. As a result, Tempur Sealy issued formal termination notices to Mattress Firm, effective January 27, 2017, for all of its brands. Furthermore, Tempur Sealy announced that it will cease doing business with Mattress Firm during the first quarter of 2017.
After these announcements, the price of Tempur Sealy common stock fell significantly, causing harm to investors.
Request more information now by clicking here: www.faruqilaw.com/TPX. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
Faruqi & Faruqi, LLP also encourages anyone with information regarding Tempur Sealy's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class that is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative 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. Your ability to share in any recovery is not affected by the decision of whether or not to serve as a lead plaintiff.
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SOURCE Faruqi & Faruqi, LLP