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Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess Of $100,000 Investing In Tempur-Pedic International Inc. To Contact The Firm Before The Upcoming August 20, 2012 Deadline
Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Tempur-Pedic International Inc. (“Tempur-Pedic” or the “Company”) (NYSE: TPX).
The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Tempur-Pedic’s competitive position had deteriorated drastically; (2) the Company’s 2012 outlook for net sales and earnings per share was not only weaker than earlier estimates, but was in fact negative; and (3) as a result, the Company lacked a reasonable basis for their positive statements concerning the state of the Company, its competitive position and its outlook.
Tempur-Pedic’s condition was revealed through a series of disclosures. On April 19, 2012, Tempur-Pedic reported its financial results for the first quarter of 2012, confirming reduced net sales and earnings per share guidance for full-year 2012. As a result, Tempur-Pedic’s stock dropped $17.22 per share, or 20.5%, to close at $66.53 per share on April 20, 2012.
Finally, Tempur-Pedic stunned the markets on June 6, 2012 by slashing its recently confirmed outlook for full-year net sales by more than 10% and earnings per share by nearly 29%. In reaction to this revelation, Tempur-Pedic’s stock price fell $21.28 per share, or nearly 49%, to close at $22.39 per share on June 6, 2012.
If you purchased Tempur-Pedic securities between January 25, 2012 and June 5, 2012 and would like to discuss your legal rights, contact us by calling Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to firstname.lastname@example.org or email@example.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tempur-Pedic’s conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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