LOS ANGELES--(BUSINESS WIRE)--The Law Offices of Frank R. Cruz (“FRC”) announces that a class action lawsuit has been filed on behalf of Tandy Leather Factory, Inc. (“Tandy” or the “Company”) (NASDAQ: TLF) securities between March 7, 2018 and August 15, 2019, inclusive (the “Class Period”). Tandy investors have until January 6, 2020 to file a lead plaintiff motion.
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On August 13, 2019, after the market closed, the Company disclosed that its Audit Committee was investigating “certain aspects of the Company’s methods of valuation and expensing of costs of inventory and related issues regarding the Company’s business and operations.”
On this news, the Company’s share price fell $0.55 per share, or over 10%, over two consecutive trading sessions to close at $4.90 per share on August 15, 2019, thereby injuring investors.
Then, on August 15, 2019, after the market closed, the Company disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.
On this news, the Company’s share price fell $0.40 per share, or over 8%, to close at $4.50 per share on August 16, 2019, thereby injuring investors further.
On October 18, 2019, the Company revealed that certain financial statements should no longer be relied upon, citing “misstatements primarily relating to the Company’s methods of valuation and expensing of costs of inventory and related issues.” It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned from her positions.
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If you purchased Tandy securities during the Class Period, you may move the Court no later than January 6, 2020 to ask the Court to appoint you as lead plaintiff. 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 purchased Tandy securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Frank R. Cruz, of FRC, 1999 Avenue of the Stars, Suite 1100, Los Angeles, California 90067 at 310-914-5007, by email to firstname.lastname@example.org, or visit our website at www.frankcruzlaw.com. If you inquire by email please include your mailing address, telephone number, and number of shares purchased.
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