BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming January 6, 2020 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased Tandy Leather Factory, Inc. (“Tandy” or the “Company”) (NASDAQ: TLF) securities between March 7, 2018 and August 15, 2019, inclusive (the “Class Period”).
Investors suffering losses on their Tandy investments are encouraged to contact the Law Offices of Howard G. Smith to discuss their legal rights in this class action at 888-638-4847 or by email to howardsmith@howardsmithlaw.com.
On August 13, 2019, after the market closed, the Company disclosed that its Audit Committee was investigating “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 $0.55 per share, or over 10%, over two consecutive trading sessions to close at $4.90 per share on August 15, 2019, thereby injuring investors.
Then, on August 15, 2019, after the market closed, the Company disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.
On this news, the Company’s share price fell $0.40 per share, or over 8%, to close at $4.50 per share on August 16, 2019, thereby injuring investors further.
On October 18, 2019, the Company revealed that certain financial statements should no longer be relied upon, citing “misstatements primarily relating to the Company’s methods of valuation and expensing of costs of inventory and related issues.” It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned from her positions.
The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, Defendants failed to disclose to investors: (1) that certain costs of inventory had been improperly valued and expensed; (2) that, as a result, the Company’s financial results for certain periods were misstated; (3) that the Company lacked effective internal control over financial reporting; (4) that there was a material weakness in the Company’s internal control over financial reporting; and (5) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.
If you purchased Tandy securities during the Class Period, you may move the Court no later than January 6, 2020 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. To be a member of the class action 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 action. If you wish to learn more about this class action, or if you have any questions concerning this announcement 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 howardsmith@howardsmithlaw.com, or visit our website at www.howardsmithlaw.com.
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