Tempur-Pedic International Inc. (NYSE:TPX) Investor Files Class Action Lawsuit Over Alleged Securities Laws Violations
June 20, 2012 (Shareholders Foundation) -- An investor in NYSE:TPX shares files a lawsuit in the U.S. District Court for the Eastern District of Kentucky over alleged Violations of Federal securities laws violations by Tempur-Pedic International Inc. in connection with certain financial statements.
According to the complaint the plaintiff alleges on behalf of behalf of purchasers of Tempur-Pedic International Inc. (NYSE:TPX) common stock between January 25, 2012 and June 5, 2012, that Tempur-Pedic International Inc. and certain of its officers violated the Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, and Rule 10b-5 promulgated thereunder.
Specifically, the plaintiff alleges that between January 25, 2012 and June 5, 2012, Tempur-Pedic International Inc. allegedly misrepresented its deteriorating competitive position and financial performance for its full year of operations in 2012.
On April 19, 2012, Tempur-Pedic International Inc. (NYSE:TPX) announced its financial results for the first quarter ended March 31, 2012 and confirmed its guidance for the 2012 fiscal year.
Then on June 6, 2012, Tempur-Pedic International Inc. (NYSE:TPX) commented on its second quarter performance and revised its financial guidance for the 2012 fiscal year.
NYSE:TPX shares fell from $43.67 per share on June 5, 2012 to as low as $21.28 per share on June 7, 2012.