Press release from Business Wire
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tile Shop Holdings, Inc.
Wednesday, November 27, 2013
Law Offices of Howard G. Smith Announces Class Action Lawsuit Against Tile Shop Holdings, Inc.21:32 EST Wednesday, November 27, 2013
BENSALEM, Pa. (Business Wire) -- Law Offices of Howard G. Smith announces that a class action lawsuit has been filed in the United States District Court for the Southern District of New York on behalf of a class (the “Class”) comprising all purchasers of the securities of Tile Shop Holdings, Inc. (“Tile Shop” or the “Company”) (NASDAQ:TTS) between August 22, 2012 and November 13, 2013, inclusive (the “Class Period”).
Tile Shop operates as a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. The Complaint alleges that throughout the Class Period the defendants made false and/or misleading statements and failed to disclose material adverse facts about the Company's business, operations and financial performance.
On November 14, 2013, Gotham City Research LLC, issued a report alleging that Tile Shop had inflated its 2013 earnings by 200% as a result of an undisclosed third-party relationship with a China-based supplier, Beijing Pingxiu. The Gotham Research report further alleges that Beijing Pingxiu accounts for 20-30% of Tile Shop's cost of goods sold, that it is controlled by a relative of a Tile Shop executive, and that the Company “has used its China-based undisclosed related party and improper accounting to overstate profits.”
If you are a member of the Class described above you may move the Court no later than January 14, 2014, to serve as lead plaintiff; however, you must meet certain legal requirements. To be a member of the Class you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the Class. If have any questions concerning this Notice or your rights or interests with respect to these matters, please contact Howard G. Smith, Esquire, of Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020 by telephone at 215-638-4847, Toll-Free at 888-638-4847, or by email to firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.
Law Offices of Howard G. Smith
Howard G. Smith, Esquire