NEW YORK, March 27, 2017 (GLOBE NEWSWIRE) -- Wolf Haldenstein Adler Freeman & Herz LLP announces that a securities class action has been commenced in the United States District Court for the Southern District of New York on behalf of all purchasers of Tempur Sealy International, Inc. ("Tempur Sealy" or the "Company") (NYSE: TPX ) common stock during the period between July 28, 2016 and January 27, 2017, inclusive (the "Class Period").
Investors who have incurred losses in the shares of Tempur Sealy International, Inc. are urged to contact the firm immediately at classmember@whafh.com or (800) 575-0735 or (212) 545-4774. You may obtain additional information concerning the action on our website, www.whafh.com .
If you have purchased shares of Tempur Sealy International, Inc. and would like to assist with the litigation process, you may, no later than May 23, 2017 , request that the Court appoint you lead plaintiff of the proposed class.
The filed complaint alleges that during the Class Period, defendants made materially false and misleading statements, and failed to disclose that:
- prior to and 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;
- during the Class Period, Tempur Sealy was engaged in active discussions with Mattress Firm concerning modifications to their long-term supply agreements;
- Mattress Firm had been seeking significant economic concessions from Tempur Sealy during the Class Period; and
- that defendants lacked a reasonable basis for the Company's positive statements concerning their business relationship with Mattress Firm.
On January 27, 2017, Tempur Sealy announced that it would cease doing business with Mattress Firm during the first quarter of 2017. In response to this news, the price of Tempur Sealy common stock plummeted $20.19 per share over a two-day period, or nearly 32%, to close at $43.00 per share on January 31, 2017.
Wolf Haldenstein has extensive experience in the prosecution of securities class actions and derivative litigation in state and federal trial and appellate courts across the country. The firm has attorneys in various practice areas; and offices in New York, Chicago and San Diego. The reputation and expertise of this firm in shareholder and other class litigation has been repeatedly recognized by the courts, which have appointed it to major positions in complex securities multi-district and consolidated litigation.
If you wish to discuss this action or have any questions regarding your rights and interests in this case, please immediately contact Wolf Haldenstein by telephone at (800) 575-0735, via e-mail at classmember@whafh.com , or visit our website at www.whafh.com .
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Contact: Wolf Haldenstein Adler Freeman & Herz LLP Kevin Cooper, Esq. Gregory Stone, Director of Case and Financial Analysis Email: gstone@whafh.com, kcooper@whafh.com or classmember@whafh.com Tel: (800) 575-0735 or (212) 545-4774
