NEW YORK -- Attorney Advertising -- Bronstein, Gewirtz & Grossman, LLC notifies investors that a securities class action has been filed in the United States District Court for the Eastern District of Virginia on behalf of those who purchased shares of Lumber Liquidators Holdings, Inc. ("Lumber Liquidators" or the "Company") (NYSE: LL), during the period between November 25, 2013 and July 9, 2014, inclusive (the "Class Period").
The complaint charges Lumber Liquidators and certain of its executives with violations of federal securities laws. Specifically, the complaint alleges that: (1) The Company misrepresented that quality control requirements implemented by Lumber Liquidators would neither affect its extensive and diverse supplier network, nor impact its revenue, earnings, or margins.; (2) The Company continually touted that it would continue to experience revenue and earnings growth and margin expansion; and (3) as a result of the foregoing, Lumber Liquidators stock traded at artificially inflated prices during the Class Period.
On July 9, 2014, the Company announced in press release that "Customer traffic to our stores was significantly weaker than we expected, particularly in geographic areas severely impacted by the unusually harsh weather in the first quarter. The improvement in customer demand we experienced beginning in mid-March did not carry into May, and June weakened further. Our reduced customer traffic has coincided with certain weak macroeconomic trends related to residential remodeling, including existing home sales, which have generally been lower in 2014 than the corresponding periods in 2013. We now believe the prolonged purchase cycle associated with our customers' discretionary, large-ticket home improvement projects is likely to be delayed for some customers into the fall flooring season, and for others, into spring of 2015.
The lawsuit claims that when these adverse facts entered the market, the price of the Company's stock dropped, damaging investors.
Plaintiff seeks to recover damages on behalf of all shareholders who purchased shares of Lumber Liquidators during the Class Period described above.
No Class has yet been certified in the above action. If you wish to review a copy of the Complaint, to discuss this action, or have any questions, please contact Peretz Bronstein, Esq. or his Investor Relations Coordinator Eitan Kimelman of Bronstein, Gewirtz & Grossman, LLC at 212-697-6484 or via email [email protected]. Those who inquire by e-mail are encouraged to include their mailing address and telephone number. If you suffered a loss in Lumber Liquidators you have until November 17, 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.
Bronstein, Gewirtz & Grossman, LLC is a corporate litigation boutique. Our primary expertise is the aggressive pursuit of litigation claims on behalf of our clients. In addition to representing institutions and other investor plaintiffs in class action security litigation, the firm's expertise includes general corporate and commercial litigation, as well as securities arbitration. Attorney advertising. Prior results do not guarantee similar outcomes.
Have something to say? Share your thoughts with us in the comments below.