A lawsuit was filed on behalf of investors in Tempur Sealy International Inc (NYSE:TPX) shares over alleged securities laws violations. Deadline: May 23, 2017. NYSE:TPX investors should contact the Shareholders Foundation.
San Diego, CA -- (SBWIRE) -- 03/27/2017 -- An investor, who purchased shares of Tempur Sealy International Inc (NYSE:TPX), filed a lawsuit in New York over alleged Securities Laws violations by Tempur Sealy International Inc.
Investors who purchased shares of Tempur Sealy International Inc (NYSE:TPX) have certain options and for certain investors are short and strict deadlines running. Deadline: May 23, 2017. NYSE:TPX investors should contact the Shareholders Foundation at email@example.com or call 858-779-1554.
According to the complaint the plaintiff alleges on behalf of purchasers of Tempur Sealy International Inc (NYSE:TPX) common shares between July 28, 2016 and January 27, 2017, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between July 28, 2016 and January 27, 2017, the defendants made materially false and misleading statements and/or failed to disclose adverse information regarding Tempur Sealy International's business and prospects, including, among other things that prior to and July 28, 2016 and January 27, 2017, Mattress Firm Holding Corp. ("Mattress Firm"), the Company's largest customer which accounted for approximately 25% of the Tempur Sealy International's 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 International's 2016 third and fourth quarter operating results, that July 28, 2016 and January 27, 2017, Tempur Sealy International 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 July 28, 2016 and January 27, 2017, that defendants lacked a reasonable basis for the Company's positive statements associated with Mattress Firm, and that, based on the foregoing, defendants lacked a reasonable basis for their positive statements about Tempur Sealy's then-current business and future financial prospects.
On January 30, 2017 Tempur Sealy International Inc announced that during the week of January 23, 2017, senior management of Mattress Firm Holdings Corp. and representatives of its parent Steinhoff International Holdings N.V., verbally notified the Company of its intent to terminate all of their contracts with the Company in the United States, if the Company did not agree to considerable changes to their agreements, including significant economic concessions. Tempur Sealy International Inc said it engaged in discussions to facilitate a mutually agreeable supply arrangement with Mattress Firm and that however, the parties were unable to reach an agreement, and the Company issued formal termination notices for all of the Company's brands to Mattress Firm as of January 27, 2017. Tempur Sealy International Inc said it anticipates it will cease doing business with Mattress Firm during the first quarter of 2017.
Shares of Tempur Sealy International Inc (NYSE:TPX) declined to as low as $42.75 per share on Janaury 31, 2017.
On February 16, 2017, Tempur Sealy International Inc announced its fourth quarter and full year 2016 financial results and issued its financial guidance for the full year 2017. Tempur Sealy International Inc reported that its annual Total Revenue declined from over $3.15 billion in 2015 to over $3.12 billion in 2016 and that its Net Income increased from $73.50 million in 2015 to $202.10 million in 2016.
Shares of Tempur Sealy International Inc (NYSE:TPX) closed on March 24, 2017 at $44.10 per share.
Those who purchased shares of Tempur Sealy International Inc have certain options and should contact the Shareholders Foundation.
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