, Dec. 31, 2013 /PRNewswire/ -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of
on behalf of investors who purchased Tile Shop Holdings, Inc. ("Tile Shop" or the "Company") (NasdaqGS: TTS) securities between
August 22, 2012
November 13, 2013
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The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that the Company used an undisclosed related party to effectuate a scheme to overstate earnings and, as a result, artificially inflate the stock price.
November 14, 2013
, Gotham City Research LLC issued a report stating that the Company had, among other allegations, overstated its 2013 earnings by over 200 percent. The report further alleged that the Company's largest supplier, Beijing Pingxiu, is an undisclosed related company secretly controlled by the brother-in-law of the Company's CEO and a current Tile Shop employee,
. On the news, Tile Shop stocks plummeted
per share to close at
per share – a drop of 38% from the previous day's closing price.
If you suffered a loss in Tile Shop you have until
January 14, 2014
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
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit
Levi & Korsinsky is a national firm with offices in
The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP
Joseph Levi, Esq.
Eduard Korsinsky, Esq.
30 Broad Street - 24th Floor
New York, NY
10004 Tel: (212) 363-7500Toll Free: (877) 363-5972Fax: (212) 363-7171
SOURCE Levi & Korsinsky, LLP