Levi & Korsinsky 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 investors who purchased Tile Shop Holdings,
Inc. (“Tile Shop” or the “Company”) (NasdaqGS: TTS) securities between
August 22, 2012 and November 13, 2013.
For more information, click here: http://zlk.9nl.com/tile-shop-tts/.
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.
On 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, Fumitake Nishi. On the news, Tile Shop
stocks plummeted $8.27 per share to close at $12.95 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 jlevi@zlk.com
or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/tile-shop-tts/.
Levi & Korsinsky is a national firm with offices in New York, New
Jersey, Connecticut and Washington D.C. 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.
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Copyright Business Wire 2013