Press release from Business Wire
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Tile Shop Holdings, Inc.
Tuesday, December 03, 2013
Glancy Binkow & Goldberg LLP Announces Class Action Lawsuit on Behalf of Investors of Tile Shop Holdings, Inc.09:15 EST Tuesday, December 03, 2013
LOS ANGELES (Business Wire) -- Glancy Binkow & Goldberg LLP 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”).
A COPY OF THE COMPLAINT IS AVAILABLE FROM THE COURT OR FROM GLANCY BINKOW & GOLDBERG LLP. PLEASE CONTACT US TOLL-FREE AT (888) 773-9224, OR AT (212) 682-5340, OR BY EMAIL TO SHAREHOLDERS@GLANCYLAW.COM TO DISCUSS THIS MATTER. IF YOU INQUIRE BY EMAIL PLEASE INCLUDE YOUR MAILING ADDRESS, TELEPHONE NUMBER AND NUMBER OF SHARES PURCHASED.
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 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 Tile Shop “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, 2013, to serve as lead plaintiff; however, you must meet certain legal requirements. If you wish to learn more about this action or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Michael Goldberg, Esquire, of Glancy Binkow & Goldberg LLP, 1925 Century Park East, Suite 2100, Los Angeles, California 90067, Toll Free at (888) 773-9224, or contact Gregory Linkh, Esquire, of Glancy Binkow & Goldberg LLP at 122 E. 42nd Street, Suite 2920, New York, New York 10168, at (212) 682-5340, by e-mail to firstname.lastname@example.org, or visit our website at http://www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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Glancy Binkow & Goldberg LLP, Los Angeles, CA
Glancy Binkow & Goldberg LLP, New York, NY
212-682-5340 or 888-773-9224