LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Restoration Hardware Holdings, Inc. (“RH” or the “Company”) (NYSE: RH) securities between March 26, 2015 and June 8, 2016, inclusive (the “Class Period”). RH investors have until April 3, 2017 to file a lead plaintiff motion.
Investors suffering losses on their RH investments are encouraged to contact Lesley Portnoy of GPM to discuss their legal rights in this class action at 310-201-9150 or by email to email@example.com.
RH sells home furnishings through a variety of retail and electronic platforms. The Complaint filed in this lawsuit alleges that during the Class Period, RH reported false and misleading earnings forecasts based on a new product line, RH Modern. The complaint further alleges that RH misrepresented and concealed problems surrounding the launch of RH Modern, including inventory shortages, shipping delays and poor construction quality.
On June 8, 2016, RH disclosed disappointing first quarter 2016 financial results. According to CEO Gary Friedman, the results were in part due to the costs connected with “RH Modern production delays and investments to elevate the customer experience.”
On this news, shares of RH fell $7.66 per share, or over 21%, to close on June 9, 2016 at $28.41 per share.
If you purchased shares of RH during the Class Period you may move the Court no later than April 3, 2017 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to firstname.lastname@example.org, or visit our website at http://glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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