Faruqi & Faruqi, LLP Encourages Investors Who Suffered Losses Exceeding $50,000 Investing In Tandy Leather Factory, Inc. To Contact The Firm
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, please fill out the form below. 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 email@example.com.
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.
Tandy Leather Factory, Inc. (TLF)
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Filed on 11/08/2019
Lead Plaintiff Deadline 01/06/2020
56 days remaining
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Richard W. Gonnello firstname.lastname@example.org Phone (212) 983-9330 Fax (212) 983-9331