LOS ANGELES--(BUSINESS WIRE)--Lundin Law PC, a shareholder rights firm, announces a class action lawsuit against Tempur Sealy International, Inc. (“Tempur Sealy” or the “Company”) (NYSE: TPX) concerning possible violations of federal securities laws between July 28, 2016 and January 27, 2017 inclusive (the “Class Period”). Investors who purchased or otherwise acquired shares during the Class Period should contact the firm prior to the May 23, 2017 lead plaintiff motion deadline.
No class has been certified in the above action yet. Until a class is certified, you are not considered represented by an attorney. You may also choose to do nothing and be an absent class member.
According to the complaint, Tempur Sealy made materially false and misleading statements and/or failed to disclose: that prior to and during the Class Period, 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 cease doing business with Mattress Firm during the first quarter of 2017. When this information reached the public, the Company’s stock price fell, causing investors harm.
Lundin Law PC was established by Brian Lundin, a securities litigator based in Los Angeles dedicated to upholding the rights of shareholders.
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