NEW YORK, March 30, 2017 (GLOBE NEWSWIRE) -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a class action lawsuit has been filed against Tempur Sealy International, Inc. ("Tempur Sealy" or the "Company") (NYSE: TPX ) and certain of its officers, on behalf of shareholders who purchased Tempur Sealy securities between July 28, 2016 and January 27, 2017, both dates inclusive (the “Class Period”). Such investors are encouraged to join this case by visiting the firm’s site: http://www.bgandg.com/tpx .
This class action seeks to recover damages against Defendants for alleged violations of the federal securities laws under the Securities Exchange Act of 1934.
Tempur Sealy is the world’s largest bedding provider. The company develops, manufactures, and distributes mattresses, adjustable bases, pillows and other sleep-relaxation products.
The complaint alleges that throughout the Class Period, defendants made materially false and misleading statements and failed to disclose that: (1) 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; (2) Tempur Sealy was engaged in active discussions with Mattress Firm concerning modifications to their long-term supply agreements; (3) Mattress Firm had been seeking significant economic concessions from Tempur Sealy during the Class Period; (4) defendants lacked a reasonable basis for the Company's positive statements associated with Mattress Firm; and (5) consequently, defendants lacked a reasonable basis for their positive statements about Tempur Sealy's then-current business and future financial prospects.
On January 27, 2017, Tempur Sealy revealed that it would end business with Mattress Firm during the first quarter of 2017. Following this news, Tempur Sealy stock dropped $20.19 per share over a two-day period, or nearly 32%, to close at $43.00 per share on January 31, 2017.
The complaint continues to allege that Tempur Sealy was driven to engage in a conduct that allowed Company insiders to sell over $8.2 million of Tempur Sealy stock at artificially-inflated prices throughout the Class Period.
A class action lawsuit has already been filed. If you wish to review a copy of the Complaint you can visit the firm’s site: http://www.bgandg.com/tpx or you may contact Peretz Bronstein, Esq. or his Investor Relations Analyst, Yael Hurwitz of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484. 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm’s expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Contact: Bronstein, Gewirtz & Grossman, LLC Peretz Bronstein or Yael Hurwitz 212-697-6484 | info@bgandg.com
