STEVENSON, Md., July 9, 2013 (GLOBE NEWSWIRE) -- Brower Piven, A Professional Corporation 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 purchasers of the common stock of lululemon athletica, Inc. ("lululemon" or the "Company") (Nasdaq:LULU) during the period between March 21, 2013 and June 10, 2013, inclusive (the "Class Period").
If you have suffered a net loss for all transactions in lululemon athletica, Inc. common stock during the Class Period, you may obtain additional information about this lawsuit and your ability to become a lead plaintiff by contacting Brower Piven at www.browerpiven.com, by email at firstname.lastname@example.org, by calling 410/415-6616, or at Brower Piven, A Professional Corporation, 1925 Old Valley Road, Stevenson, Maryland 21153. Attorneys at Brower Piven have combined experience litigating securities and class action cases of over 60 years.
No class has yet been certified in the above action. Members of the Class will be represented by the lead plaintiff and counsel chosen by the lead plaintiff. If you wish to choose counsel to represent you and the Class, you must apply to be appointed lead plaintiff no later than September 3, 2013 and be selected by the Court. The lead plaintiff will direct the litigation and participate in important decisions including whether to accept a settlement and how much of a settlement to accept for the Class in the action. The lead plaintiff will be selected from among applicants claiming the largest loss from investment in the Company during the Class Period.
The complaint accuses the defendants of violations of the Securities Exchange Act of 1934 by virtue of the defendants' failure to disclose during the Class Period that the quality defects in the Luon yoga pants, which were shipped on March 1, 2013 in a fabric that was very thin, overly translucent and essentially rendered the pant see-through, resulted in part from lululemon's efforts to cut costs in order to raise profit margins to the detriment of product quality and brand reputation, that lululemon sold its yoga pants at a discounted price during the Class Period to obtain sales and protect market share and that there were discussions concerning Christine McCormick Day's continued employment at the Company. Further, the complaint alleges that defendant Dennis J. "Chip" Wilson sold 2 million shares of his personally owned stock at artificially inflated prices for proceeds of more than $163 million with knowledge of the foregoing. According to the complaint, following the Company's disclosure on June 10, 2013, of the Company's first quarter financial results and that defendant Day was stepping down as CEO as soon as her replacement could be selected, the value of lululemon shares declined significantly.
If you choose to retain counsel, you may retain Brower Piven without financial obligation or cost to you, or you may retain other counsel of your choice. You need take no action at this time to be a member of the class.
CONTACT: Charles J. Piven Brower Piven, A Professional Corporation Stevenson, Maryland 410/415-6616 email@example.comSource: Brower Piven, A Professional Corporation