LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) announces that a class action lawsuit has been filed on behalf of investors who purchased Tempur Sealy International, Inc. (“Temper Sealy” or the “Company”) (NYSE: TPX) securities between July 28, 2016 and January 27, 2017, inclusive (the “Class Period”). Tempur Sealy investors have until May 23, 2017 to file a lead plaintiff motion.
Investors suffering losses on their Tempur Sealy 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.
On January 27, 2017, Tempur Sealy disclosed that it would be ending its business relationship with Mattress Firm Holding Corp. (“Mattress Firm”) for the first quarter of 2017. On this news, shares of Tempur Sealy fell nearly 32% to close at just $43.00 per share on January 31, 2017.
According to the complaint filed in this lawsuit, throughout the Class Period defendants made false and/or misleading statements and/or failed to disclose that: (1) Tempur Sealy’s largest customer, Mattress Firm, had been engaged in active negotiations to be acquired, which was reasonably likely to have a material adverse effect in Tempur Sealy’s 2016 third and fourth quarter operating results; (2) Tempur Sealy was engaged in active discussions with Mattress Firm concerning modifications to their long-term supply agreements; (3) Mattress Firm had been seeking significant economic concessions from Tempur Sealy; (4) defendants lacked a reasonable basis for Tempur Sealy’s positive statements about Mattress Firm; and (5) as a result, defendants lacked a reasonable basis for their positive statements about Tempur Sealy’s business and future financial prospects. When the true details entered the market, the lawsuit claims that investors suffered damages.
If you purchased shares of Tempur Sealy during the Class Period you may move the Court no later than May 23, 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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