Levi & Korsinsky, LLP announces the commencement of a class action lawsuit in the USDC for the Southern District of New York on behalf of shareholders of Tempur Sealy International, Inc. (“Tempur Sealy”) (NYSE: TPX) who purchased shares between July 28, 2016 and January 27, 2017.
The complaint alleges that defendants made material misstatements regarding Tempur Sealy’s business and prospects, including that: (i) during the Class Period, Mattress Firm Holding Corp. (“Mattress Firm”), the Company’s largest customer which accounted for approximately 25% of the Tempur Sealy’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’s 2016 third and fourth quarter operating results; (ii) during the Class Period, Tempur Sealy was engaged in active discussions with Mattress Firm concerning modifications to their long-term supply agreements; (iii) Mattress Firm had been seeking significant economic concessions from Tempur Sealy during the Class Period; (iv) defendants lacked a reasonable basis for the Company’s positive statements associated with Mattress Firm; and (v) accordingly, defendants lacked a reasonable basis for their positive statements about Tempur Sealy’s business and financial prospects.
If you suffered a loss in Tempur Sealy you have until May 23, 2017 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff.
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