Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses In Excess of $100,000 Investing in Tile Shop Holdings, Inc. To Contact The Firm
Faruqi & Faruqi, LLP, a leading national securities law firm, reminds investors in Tile Shop Holdings, Inc. (“Tile Shop” or the “Company”) (NASDAQ: TTS) of the January 14, 2014 deadline to seek the role of lead plaintiff in a federal securities class action lawsuit filed against Tile Shop and certain executives.
A complaint has been filed on behalf of all persons who purchased Tile Shop common stock and call options and sold Tile Shop put options between August 22, 2012 and November 13, 2013, inclusive (the “Class Period”) in the Southern District of New York.
The complaint alleges that the Company and its executives violated federal securities laws with respect to its disclosures concerning its business, operations, and financial performance.
Specifically, the action alleges that throughout the Class Period Tile Shop, a specialty retailer of manufactured and natural stone tile, and its executives made a series of false and misleading statements and failed to disclose that the Company’s largest supplier, Beijing Pingxiu (“BP”), is an undisclosed related party and the Company used BP to engage in improper accounting practices to drastically overstate its earnings by as much as 200%.
On November 14, 2013, the SeekingAlpha website published a report issued by Gotham City Research, a company that provides research and analysis for special situation investing. The report revealed Tile Shop’s improper relationship with BP and overstated earnings.
On this news, Tile Shop stock dropped $8.26 per share, or nearly 39%, to close at $12.95 per share on November 14, 2013, on unusually heavy volume.
If you invested in Tile Shop stock or options between August 22, 2012 and November 13, 2013 and would like to discuss your legal rights, you can 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 Tile Shop’s conduct to contact the firm, including whistleblowers, former employees, shareholders, and others.
Richard W. Gonnello
Faruqi & Faruqi, LLP
369 Lexington Avenue 10th Floor
New York, NY 10017
Tel: (212) 983-9330
If you have information regarding this case that you would like to make available, please click here to contact us about our investigation.