|By Marketwired .||
|December 24, 2013 03:00 PM EST||
NEW YORK, NY -- (Marketwired) -- 12/24/13 -- The Rosen Law Firm, P.A. reminds investors of Tile Shop Holdings, Inc. (NASDAQ: TTS) who purchased common stock, call options or sold put options of during the period between August 22, 2012 and November 13, 2013, of the important January 14, 2014 lead plaintiff deadline.
To join the Tile Shop class action, visit the firm's website at http://rosenlegal.com, or call Phillip Kim, Esq. or Kevin Chan, Esq. toll-free, at 866-767-3653; you may also email at [email protected] or [email protected] for information on the class action. The lawsuit is pending in the U.S. District Court for the Southern District of New York.
NO CLASS HAS YET BEEN CERTIFIED IN THE ABOVE ACTION. UNTIL A CLASS IS CERTIFIED, YOU ARE NOT REPRESENTED BY COUNSEL UNLESS YOU RETAIN ONE. YOU MAY ALSO REMAIN AN ABSENT CLASS MEMBER AND DO NOTHING AT THIS POINT. YOU MAY RETAIN COUNSEL OF YOUR CHOICE.
The lawsuit claims that Tile Shop failed to disclose that one of its largest suppliers, Beijing Pingxiu ("BP"), is an undisclosed related company secretly controlled by Fumitake Nishi, the brother-in-law of the Company's CEO and a Tile Shop employee. On November 14, 2013, Gotham City Research LLC issued a report asserting that the Company: (a) greatly exaggerated its true financial performance; (b) failed to disclose BP as a material related party supplier; (c) uses BP to overstate inventories, understate cost of sales and overstate gross profits; (d) purchases goods from BP at or near cost to allow Tile Shop to achieve an artificial cost advantage; and (e) overstates earnings. The complaint asserts that when this adverse information entered the market, the price of Tile Shop shares dropped substantially, damaging investors.
If you wish to serve as lead plaintiff, you must move the Court no later than January 14, 2014. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. If you wish to join the litigation, or to discuss your rights or interests regarding this class action, please contact Phillip Kim, Esq. or Kevin Chan, Esq. of The Rosen Law Firm, toll-free, at 866-767-3653, or via e-mail at [email protected] or [email protected]. You may also visit the firm's website at http://www.rosenlegal.com.
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.