Tandy Shareholder Alert: Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Tandy Leather Factory, Inc. To Contact The Firm
NEW YORK, NY - ( NewMediaWire ) - November 14, 2019 - Faruqi Faruqi, LLP, a leading national securities law firm, reminds investors in Tandy Leather Factory, Inc. (“Tandy” or the “Company”)(NASDAQ:TLF) of the January 6, 2020 deadline to seek the role of lead plaintiff in a federal securities class action that has been filed against the Company.
If you invested in Tandy stock or options between March 7, 2018 and August 15, 2019 and would like to discuss your legal rights, click here: www.faruqilaw.com/TLF. There is no cost or obligation to you.
You can also contact us by calling Richard Gonnello toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org.
CONTACT:FARUQI FARUQI, LLP 685 Third Avenue, 26th Floor New York, NY 10017 Attn: Richard Gonnello, Esq. email@example.com Telephone: (877) 247-4292 or (212) 983-9330
The lawsuit has been filed in the U.S. District Court for the Central District of California on behalf of all those who purchased Tandy securities between March 7, 2018 and August 15, 2019 (the “Class Period”). The case, Haghebaert v. Tandy Leather Factory, Inc. et al., No. 19-cv-09601 was filed on November 7, 2019.
The lawsuit focuses on whether the Company and its executives violated federal securities laws by failing to disclose to investors: (1) that certain costs of inventory had been improperly valued and expensed; (2) that, as a result, the Company’s financial results for certain periods were misstated; (3) that the Company lacked effective internal control over financial reporting; (4) that there was a material weakness in the Company’s internal control over financial reporting; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
On August 13, 2019, after the market closed, the Company disclosed that its Audit Committee was investigating “certain aspects of the Company’s methods of valuation and expensing of costs of inventory and related issues regarding the Company’s business and operations.”
On this news, Tandy’s share price fell from $5.45 per share on August 13, 2019 to a closing price of $4.90 on August 15, 2019: a $0.55 or a 10.1% drop.
Then, on August 15, 2019, after the market closed, the Company disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.
On this news, Tandy’s share price fell from $4.90 per share on August 15, 2019 to a closing price of $4.50 on August 16, 2019: a $0.40 or a 8.2% drop.
The court-appointed lead plaintiff is the investor with the largest financial interest in the relief sought by the class who is adequate and typical of class members who directs and oversees the litigation on behalf of the putative class. Any member of the putative class may move the Court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member. Your ability to share in any recovery is not affected by the decision to serve as a lead plaintiff or not.
Faruqi Faruqi, LLP also encourages anyone with information regarding Tandy’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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