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The law firm of Lieff Cabraser Heimann & Bernstein, LLP announces that class action litigation has been brought on behalf of purchasers of common stock and call options and sellers of put options of Tile Shop Holdings, Inc. (“Tile Shop” or the “Company”) (NasdaqGS: TTS) between August 22, 2012 and November 13, 2013, inclusive (the “Class Period”).
If you purchased common stock or call options or sold put options of Tile Shop during the Class Period, you may move the Court for appointment as lead plaintiff by no later than January 14, 2014. A lead plaintiff is a representative party who acts on behalf of other class members in directing the litigation. Your share of any recovery in the action will not be affected by your decision of whether to seek appointment as lead plaintiff. You may retain Lieff Cabraser, or other attorneys, as your counsel in the action.
Tile Shop investors who wish to learn more about the action and how to seek appointment as lead plaintiff should click here or contact Sharon M. Lee of Lieff Cabraser toll-free at 1 800 541-7358.
Background on the Tile Shop Securities Class Litigation
The complaint charges Tile Shop and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Tile Shop is a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States.
The complaint alleges that during the Class Period, defendants issued materially false and misleading statements regarding the Company’s financial performance and future prospects and failed to disclose that, among other things, Tile Shop had been acquiring the vast majority of its product from China, paying below-market prices for product that contained dangerously high lead levels, and that Tile Shop had acquired a significant amount of its product from an undisclosed related party. The complaint also alleges that defendants concealed that Tile Shop had been using phantom suppliers to overstate inventories, understate the cost of sales, and overstate gross profits in its financial reports. As a result of defendants’ material misrepresentations and omissions, Tile Shop was able to complete two secondary public stock offerings during the Class Period for total proceeds of over $39 million.