Levi & Korsinsky announces that a class action lawsuit has been commenced in the USDC for the Southern District of New York on behalf of investors who purchased lululemon athletic inc. (“lululemon” or the “Company”) (Nasdaq: LULU) stock between March 21, 2013 and June 10, 2013.
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The complaint alleges that defendants failed to disclose that: (a) product defects in the Company’s Luon yoga pants shipped on March 1, 2013 resulted in part from the Company’s attempts to raise profit margins by cutting costs to the detriment of the product quality and the brand reputation; (b) the Company was forced to sell product at a discount to obtain sales and protect market share; that (c) discussions were underway concerning the possible replacement of CEO Christine McCormick Day; and (d) as a result of the defendants’ positive statements, shares of lululemon stock were artificially inflated.
On June 10, 2013, lululemon founder Dennis J. Wilson sold 2 million shares of his personally owned stock. Following the close of trading, lululemon announced that Day would step down as CEO. The Company also acknowledged that it had discounted prices during the Class Period. Shares of lululemon stock fell from a close of $82.28 per share on June 10, 2013, to a close of $67.85 the following day.If you suffered a loss in lululemon you have until September 3, 2013 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn’t require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at email@example.com or by telephone at (877) 363-5972, or visit http://zlk.9nl.com/lululemon-athletic-lulu/ . Levi & Korsinsky is a national firm with offices in New York, New Jersey, and Washington D.C. The firm has extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. Attorney advertising. Prior results do not guarantee similar outcomes.