NEW YORK, Dec. 11, 2013 (GLOBE NEWSWIRE) -- Levi & Korsinsky announces that a class action lawsuit has been commenced in the United States District Court for the Southern District of New York on behalf of investors who purchased Tile Shop Holdings, Inc. ("Tile Shop" or the "Company") (Nasdaq:TTS) securities between August 22, 2012 and November 13, 2013.
For more information, click here: http://zlk.9nl.com/tile-shop-tts/.
The complaint alleges that the Company made false and/or misleading statements and/or failed to disclose that the Company used an undisclosed related party to effectuate a scheme to overstate earnings and, as a result, artificially inflate the stock price.
On November 14, 2013, Gotham City Research LLC issued a report stating that the Company had, among other allegations, overstated its 2013 earnings by over 200 percent. The report further alleged that the Company's largest supplier, Beijing Pingxiu, is an undisclosed related company secretly controlled by the brother-in-law of the Company's CEO and a current Tile Shop employee, Fumitake Nishi. On the news, Tile Shop stocks plummeted $8.27 per share to close at $12.95 per share – a drop of 38% from the previous day's closing price.
If you suffered a loss in Tile Shop you have until January 14, 2014 to request that the Court appoint you as lead plaintiff. Your ability to share in any recovery doesn't require that you serve as a lead plaintiff. To obtain additional information, contact Joseph E. Levi, Esq. either via email at firstname.lastname@example.org or by telephone at (212) 363-7500, toll-free: (877) 363-5972, or visit http://zlk.9nl.com/tile-shop-tts/.
Levi & Korsinsky is a national firm with offices in New York, New Jersey, Connecticut and Washington D.C. The firm's 26 attorneys have extensive expertise in prosecuting securities litigation involving financial fraud, representing investors throughout the nation in securities and shareholder lawsuits. For more information, please feel free to contact any of the attorneys listed below. Attorney advertising. Prior results do not guarantee similar outcomes.
CONTACT: Levi & Korsinsky, LLP Joseph Levi, Esq. Eduard Korsinsky, Esq. 30 Broad Street - 24th Floor New York, NY 10004 Tel: (212) 363-7500 Toll Free: (877) 363-5972 Fax: (212) 363-7171 www.zlk.comSource:Levi & Korsinsky, LLP