Press release from Business Wire
Lululemon Athletica, Inc. Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors
Wednesday, July 03, 2013
Lululemon Athletica, Inc. Shareholder Alert: Briscoe Law and Powers Taylor Investigate Possible Breaches of Fiduciary Duty by Officers and Directors11:43 EDT Wednesday, July 03, 2013
DALLAS (Business Wire) -- Former United States Securities and Exchange Commission attorney Willie Briscoe, founder of The Briscoe Law Firm, PLLC, and the securities litigation firm of Powers Taylor, LLP announce that a federal class action lawsuit has been filed against Lululemon Athletica, Inc. (“Lululemon” or “Company”) (NasdaqGS: LULU). The firms are investigating additional legal claims against the officers and Board of Directors of Lululemon during the period of March 21, 2013 and June 10, 2013 (the “Class Period”).
If you are an affected investor and you want to learn more about the lawsuit or join the action, contact Willie Briscoe at The Briscoe Law Firm, PLLC, (214) 239-4568, or via email at WBriscoe@TheBriscoeLawFirm.com, or Zachary Groover at Powers Taylor, LLP, toll free (877) 728-9607, via e-mail at firstname.lastname@example.org. There is no cost or fee to you.
In a recently filed federal class action complaint, Lululemon and certain of its officers and directors were charged with violating certain provisions of the Securities Exchange Act of 1934. Specifically, the complaint alleges that among other things, defendants misrepresented and/or failed to disclose: (i) the quality defects in the Luon yoga pants, which were shipped on March 1, 2013 in a fabric that was very thin, overly translucent and essentially rendered the pant see-through, resulted in part from Lululemon's efforts to cut costs in order to raise profit margins to the detriment of product quality and brand reputation; (ii) Lululemon was being forced to sell its yoga pants at a discounted price during the Class Period to obtain sales and protect market share; and (iii) there were serious discussions concerning defendant Day's continued employment at the Company and the Company was considering replacing defendant Day. As a results of defendants' positive Class Period statements, the price of Lululemon stock increased to $82.50 per share in intraday trading by June 10, 2013, allowing defendant Wilson to sell 2 million shares of his personally owned stock at artificially inflated prices for proceeds of more than $163 million.
Shareholder rights attorney Willie Briscoe said, “Recent revelations about alleged improper business practices and procedures regarding key aspects of Lululemon's business and other misleading financial statements have prompted the firms to investigate possible breaches of fiduciary duties and other violations of state law by Lululemon's officers and directors. Based on our investigation, we are prepared to pursue litigation to preserve the company and the value of Lululemon stock for all shareholders.”
The Briscoe Law Firm, PLLC is a full service business litigation, commercial transaction, and public advocacy firm with more than 20 years of experience in complex litigation and transactional matters.
Powers Taylor, LLP is a boutique litigation law firm that handles a variety of complex business litigation matters, including claims of investor and stockholder fraud, shareholder oppression, shareholder derivative suits, and security class actions.
The Briscoe Law Firm, PLLC
Willie Briscoe, 214-239-4568
Powers Taylor, LLP
Zachary Groover, 877-728-9607