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The Rosen Law Firm announces that it is investigating potential securities claims against Tile Shop Holdings, Inc. (NASDAQ:TTS) resulting from allegations that the Company may have issued materially misleading business information to the investing public, namely, that its uses an undisclosed related party to overstate earnings.
On November 14, 2013, Gotham City Research LLC issued a report asserting that Tile Shop has greatly exaggerated its true financial performance. The report states, among others things, that: the Company’s largest supplier, 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; Tile Shop uses BP to overstate inventories, understate cost of sales and overstate gross profits; BP sells goods to the Tile Shop at or near cost to allow Tile Shop to achieve an artificial cost advantage; and Tile Shop’s 2013 LTM earnings are overstated by over 200%.
The Rosen Law Firm is preparing a class action lawsuit as a result of this adverse information. If you purchased Tile Shop stock before November 14, 2013, please visit the website at
http://rosenlegal.com for more information. You may also contact Jonathan Horne, Esq., or Phillip Kim, Esq. of The Rosen Law Firm toll free at 866-767-3653 or via e-mail at
The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation.
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