TLRD investors may receive additional information about the case by clicking the link "Join this Class Action" above.
According to the complaint, TLRD operates as a specialty apparel retailer in the United States, Puerto Rico, and Canada. The company operates in two segments: Retail and Corporate Apparel. The Retail segment offers suits, suit separates, sport coats, slacks, formalwear, business casual, sportswear, outerwear, dress shirts, dress pants, overcoats, ties, shoes, and accessories for men in classic, modern, and slim fits in various sizes, as well as a selection of tuxedo rental products. It also offers ladies’ career apparel, sportswear, shoes, and accessories; children’s apparel; alteration services; and retail dry cleaning, laundry, and heirlooming services.
The complaint alleges that after TLRB was forced to overpay for its acquisition of Jos. A. Bank (“JOSB”), the company failed to disclose, among other things, that: (i) the JOSB business was deteriorating and required significant restructuring; (ii) the integration of JOSB was not proceeding as planned (or as reported to the market during the class period); and (iii) the projected synergies from merging the Men’s Wearhouse and JOSB businesses were not obtainable.
The Class Period commences on June 18, 2014 when TLRD announced that the “successful completion” of its acquisition of JOSB had been effected through an all-cash tender offer.
According to the complaint, on November 5, 2015, TLRD issued a press release in which the company admitted that comparable sales at Jos. A. Bank during the third quarter had decreased 14.6%, far below the company’s earlier expectations. The November 5 press release also disclosed that gross margin dollars “are now expected to be well below last year’s fourth quarter given the anticipated traffic declines.”
Following this news, TLRB’s share price fell 43% from its closing price of $40.10 on November 5, 2015 to a closing price of $22.70 at the close of the market the following day.
Then on December 9, 2015, the company issued a press release, which disclosed that “if the Jos. A. Bank trend continues through the remainder of the [fourth] quarter, the Company runs the risk of missing the lower end of the guidance given on November 5, 2015.” Following this news, TLRB shares closed at $15.27, down an additional $3.30 per share.
If you are a member of the class described above, you may no later than May 31, 2016 move the Court to serve as lead plaintiff of the class, if you so choose.
A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member’s claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as a lead plaintiff through counsel of their choice, or may choose to do nothing and remain an inactive class member.
Kessler Topaz Meltzer & Check, LLP has not filed a complaint in this matter. If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Kessler Topaz Meltzer & Check, LLP toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at firstname.lastname@example.org. For more information about Kessler Topaz Meltzer & Check, LLP, please visit our website at http://www.ktmc.com. If you would like additional information about the suit, please fill out the attached form as promptly as possible and return it by fax to 610-667-7056, or by mail in the enclosed envelope.
Kessler Topaz Meltzer & Check, LLP
James Maro, Esq. or Adrienne Bell, Esq.
280 King of Prussia Road
Radnor, PA 19087 1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at email@example.com