IRVINE, Calif.--(BUSINESS WIRE)--Khang & Khang LLP (the “Firm”) announces a class action lawsuit against Tempur Sealy International (“Tempur Sealy” or the “Company”) (NYSE: TPX). Investors who purchased or otherwise acquired shares between July 28, 2016 and January 27, 2017, inclusive (the “Class Period”), are encouraged to contact the Firm in advance of the May 23, 2017 lead plaintiff motion deadline.
If you purchased shares of Tempur Sealy during the Class Period, please contact Joon M. Khang, Esquire, of Khang & Khang, 18101 Von Karman Avenue, 3rd Floor, Irvine, CA 92612, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
There has been no class certification in this case. Until certification occurs, you are not represented by an attorney. You may choose to take no action and remain a passive class member.
According to the complaint, throughout the Class Period, Tempur Sealy made materially false and misleading statements and/or failed to disclose: that Mattress Firm Holding Corp. (“Mattress Firm”), the Company’s largest customer which accounted for approximately 25% of its 2015 net sales, had been engaged in active negotiations to be acquired and that any such acquisition was reasonably likely to have a material adverse effect in Tempur Sealy’s 2016 third and fourth quarter operating results; that Tempur Sealy was engaged in active discussions with Mattress Firm concerning modifications to their long-term supply agreements; that Mattress Firm had been seeking significant economic concessions from Tempur Sealy; that the Company lacked a reasonable basis for its positive statements associated with Mattress Firm; and that based on the above, the Company lacked a reasonable basis for its positive statements about its then-current business and future financial prospects. On January 27, 2017, Tempur Sealy announced that it would stop doing business with Mattress Firm during the first quarter of 2017.
If you wish to learn more about this lawsuit, or if you have questions concerning this notice or your rights, please contact Joon M. Khang, a prominent litigator for almost two decades, by telephone: (949) 419-3834, or via e-mail at joon@khanglaw.com.
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