RH (NYSE: RH) Investor Securities Class Action Lawsuit 02/02/2017

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Company Name(s): 
RH
Case Name: 
RH Shareholder Class Action Lawsuit 02/02/2017
Case Status: 
Lawsuit Filed
Case Status: 
Settlement Proposed
Affected Securities
NYSE: RH
Lawsuit Overview
Type of Lawsuit: 
Shareholder Class Action
Date Filed: 
02/02/2017
Class Period Begin: 
03/26/2015
Class Period End: 
06/08/2016
Court of Filing: 
U.S. District Court for the Northern District of California
Deadline To File for Lead: 
04/03/2017
Date Settled: 
06/21/2019
Settlement Amount: 
$50,000,000
Deadline to Participate in Settlement: 
10/08/2019
Settlement Notice: 
Settlement Proof: 
Summary: 

June 21, 2019 - The court preliminarily approved the settlement.

May 6, 2019 - Parties filed a stipulation of settlement.

February 26, 2018 - The court denied defendants' motion to dismiss.

August 2, 2017 - Defendants filed a motion to dismiss.

June 12, 2017 - The lead plaintiff filed an amended complaint.

April 26, 2017 - Lead plaintiff and lead counsel were appointed and all cases were consolidated.

April 3, 2017 - Lead plaintiff motions were filed.

February 2, 2017 - An investor in shares of RH (NYSE: RH) filed a lawsuit in the U.S. District Court for the Northern District of California over alleged violations of Federal Securities Laws by RH in connection with certain allegedly false and misleading statements made between March 26, 2015 to June 8, 2016.

According to the complaint the plaintiff alleges on behalf of purchasers of RH (NYSE: RH) common shares between March 26, 2015 to June 8, 2016, that the defendants violated Federal Securities Laws. More specifically, the plaintiff claims that between March 26, 2015 to June 8, 2016, RH reported false and misleading earnings forecasts based on its new product line, RH Modern and that RH misrepresented and concealed the problems surrounding the launch of RH Modern including inventory shortages, shipping delays, and poor construction quality.

Corte Madrea, CA based RH, formerly Restoration Hardware Holdings Inc, is a luxury retailer in the home furnishings marketplace.

On March 26, 2015, RH (Restoration Hardware Holdings Inc - NYSE: RH) reported its fourth quarter and fiscal year 2014 financial results. RH reported that its Total Revenue rose from over $1.55 billion for the 52 weeks period that ended on February 1, 2014 to over $1.86 billion for the 52 weeks period that ended on January 31, 2015 and that its Net Income for those teim periods increased from $18.20 million to $91.00 million.

In addition, RH also provided its outlook for its first quarter of fiscal 2015.

On March 29, 2016, RH (Restoration Hardware Holdings Inc - NYSE: RH) reported its fourth quarter and fiscal year 2015 financial results.

RH reported that its Total Revenue rose from over $1.86 billion for the 52 weeks period that ended on January 31, 2015 to over $2.1 billion for the 52 weeks period that ended on January 30, 2016 and that its respective Net Income increased slightly from $91.00 million to $91.10 million over those respective time periods. RH said that while the initial response to RH Modern has been outstanding it is experiencing shipping delays as certain vendors are struggling to ramp up production of this new product line.

On June 8, 2016, RH reported its first quarter fiscal 2016 financial results. In its outlook, RH stated that the Company’s results for fiscal 2016 will be impacted by certain short term operational items including costs associated with RH Modern production delays and investments to elevate the customer experience, timing issues related to the transition from a promotional to a membership model, and a more aggressive approach to rationalizing its SKU count and optimizing inventory and that these factors are negatively impacting the Company’s fiscal 2016 adjusted diluted EPS outlook by approximately $0.90 to $1.00.

Shares of RH (NYSE: RH) declined from $103.09 per share in October 2015 to as low as $25.39 per share in late June 2016.

On February 2, 2017, NYSE: RH shares closed at $25.08 per share.