Brower Piven, A Professional Corporation announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of purchasers of Tile Shop Holdings, Inc. (“Tile Shop” or the “Company”) (NasdaqGS: TTS) securities during the period between August 22, 2012 and November 13, 2013, inclusive (the “Class Period”).
If you have suffered a net loss from investment in Tile Shop Holdings, Inc. securities purchased on or after August 22, 2012, and held through the revelation of negative information on November 14, 2013, as described below, at no cost to you, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at email@example.com, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than January 14, 2014 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants’ failure to disclose during the Class Period that one of the Company’s largest suppliers, Beijing Pingxiu (“BP’), is an undisclosed related company controlled by Fumitake Nishi, the brother-in-law of the Company’s Chief Executive Officer (“CEO”). According to the complaint, following a November 14, 2013 report by Gotham City Research LLC that stated that BP was an undisclosed related company, that BP was controlled by the brother-in-law of the Company’s CEO, and that the Company had overstated its earnings, the value of Tile Shop shares declined significantly.