NEW YORK, April 27, 2016 /PRNewswire/ -- Pomerantz LLP is investigating claims on behalf of investors of La Quinta Holdings, Inc. ("La Quinta" or the "Company") (NYSE: LQ). Such investors are advised to contact Robert S. Willoughby at [email protected] or 888-476-6529, ext. 237.
The investigation concerns whether La Quinta and certain of its officers and/or directors have violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934.
On July 29, 2015, the Company announced its financial results for the second quarter of 2015, ended June 30, 2015. Among other things, La Quinta reported that the Company's 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. In response to these revelations, the price of La Quinta common stock declined approximately 3.5% on July 30, 2015. On September 17, 2015, La Quinta announced 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.
In response to these revelations, the price of La Quinta common stock declined more than 15% on September 18, 2015.
The Pomerantz Firm, with offices in New York, Chicago, San Diego and Florida, is acknowledged as one of the premier firms in the areas of corporate, securities, and antitrust class litigation. Founded by the late Abraham L. Pomerantz, known as the dean of the class action bar, the Pomerantz Firm pioneered the field of securities class actions. Today, more than 70 years later, the Pomerantz Firm continues in the tradition he established, fighting for the rights of the victims of securities fraud, breaches of fiduciary duty, and corporate misconduct. The Firm has recovered numerous multimillion-dollar damages awards on behalf of class members. See www.pomerantzlaw.com.
Robert S. Willoughby
SOURCE Pomerantz LLP