LOS ANGELES--(BUSINESS WIRE)--Glancy Prongay & Murray LLP (“GPM”) continues its investigation on behalf of Tandy Leather Factory, Inc. (“Tandy” or the “Company”) (NASDAQ: TLF) investors concerning the Company and its officers’ possible violations of federal securities laws.
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On August 13, 2019, after the market closed, the Company disclosed that it would not timely file its quarterly report for the period ended June 30, 2019, citing an Audit Committee investigation related to “certain aspects of the Company's methods of valuation and expensing of costs of inventory and related issues regarding the Company’s business and operations.”
On this news, the Company’s share price fell $0.95 per share over the next three days, or more than 17%, to close at $4.50 per share on August 16, 2019, thereby injuring investors.
Then, on October 18, 2019, the Company stated that its previously issued financial statements in its most recent annual report “should no longer be relied upon, as a result of misstatements primarily relating to the Company’s methods of valuation and expensing of costs of inventory and related issues.”
If you purchased Tandy securities, have information or would like to learn more about these claims, or have any questions concerning this announcement or your rights or interests with respect to these matters, please contact Lesley F. Portnoy, Esquire, of GPM, 1925 Century Park East, Suite 2100, Los Angeles, California 90067 at 310-201-9150, Toll-Free at 888-773-9224, by email to shareholders@glancylaw.com, or visit our website at www.glancylaw.com. If you inquire by email please include your mailing address, telephone number and number of shares purchased.
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