SHAREHOLDER ALERT: The Law Firm of Levi & Korsinsky Notifies Investors With Losses on Their Investment in Tempur-Pedic International Inc. of Class Action Lawsuit and the Deadline of August 20, 2012 to Seek a Lead Plaintiff Position -- TPX
Published on Tuesday, 17 July 2012 18:56 Written by TradersHuddle Staff
NEW YORK, July 17, 2012 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Eastern District of Kentucky on behalf of investors who purchased Tempur-Pedic International Inc. (NYSE:TPX) stock between January 25, 2012 and June 5, 2012.
For more information, click here: http://zlk.9nl.com/tempur-pedic-international-tpx. There is no cost or obligation to you.
The complaint alleges that Tempur-Pedic concealed that: (a) its competitive position had drastically weakened; (b) it was experiencing severe negative effects from competition; (c) its outlook for 2012 net sales and earnings per share was, in fact, negative; and (d) as a result, it lacked a reasonable basis for the positive statements made concerning its condition, competitive position, and outlook.
On May 7, 2012, Tempur-Pedic stated it would offer one of its most popular mattress models at a significant discount. Upon this news, the Company's stock fell 14.85 percent, to close at $48.29 per share on May 7, 2012. Then on June 6, 2012, the Company announced that it was slashing its recently confirmed outlook for full-year net sales by more than 10% and earnings per share by nearly 29%. The Company's stock price then fell 48%, to close at $22.39 per share on June 6, 2012.
Levi & Korsinsky is a national firm with offices in New York and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.com
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