BENSALEM, Pa., Jan. 10, 2014 (GLOBE NEWSWIRE) -- Law Offices of Howard G. Smith announces that investors of Tile Shop Holdings, Inc. ("Tile Shop" or the "Company") (Nasdaq:TTS) have until January 14, 2014, to move the Court to serve as lead plaintiff in the securities fraud class action lawsuit filed in the United States District Court for the Southern District of New York on behalf of a class (the "Class") comprising all persons who purchased Tile Shop securities between August 22, 2012 and November 13, 2013, inclusive (the "Class Period").
Tile Shop is a specialty retailer of manufactured and natural stone tiles, setting and maintenance materials, and related accessories in the United States. The Complaint alleges the defendants misrepresented 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 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 have certain rights and have until January 14, 2014, to move for lead plaintiff status. To be a member of the Class you need not take any action at this time or may retain counsel of your choice. If you wish to learn more concerning 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 firstname.lastname@example.org, or visit our website at http://www.howardsmithlaw.com.