X

Investor News: Lawsuit against Tailored Brands Inc (NYSE:TLRD) alleges Securities Laws Violations

An investor in NYSE:TLRD shares filed a lawsuit in the U.S. District Court for the Southern District of Texas over alleged violations of Federal Securities Laws by Tailored Brands Inc.

Investors who purchased shares of Tailored Brands Inc (NYSE:TLRD) have certain options and for certain investors are short and strict deadlines running. Deadline: May 31, 2016. NYSE:TLRD investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 – 1554.

The plaintiff alleges on behalf of purchasers of Tailored Brands Inc (NYSE:TLRD) common shares between June 18, 2014 and December 9, 2015, that the defendants violated Federal Securities Laws.

On June 18, 2014, Tailored Brands Inc (at the time known by its former name, The Men’s Wearhouse, Inc) announced the completion of its acquisition of Jos. A. Bank Clothiers, Inc. for $65.00 per share. Doug Ewert, President and Chief Executive Officer of Tailored Brands (at the time known by its former name, The Men’s Wearhouse, Inc.), touted the synergies and benefits of the acquisition and called the combined entity “a truly great company for all of our stakeholders.” On that day, shares of the Company closed at $55.86 per share.

On November 5, 2015 post market, the Company released its initial third quarter results with an updated fiscal year 2015 outlook. Shareholders were told that there “were significant comparable sales weakness at Jos. A. Bank. During the third quarter comparable sales decreased 14.6% at Jos. A. Bank, far below the Company’s earlier expectations. This decrease was primarily driven by a decline in traffic as the Company began the transition away from the Buy-One-Get-Three promotional events.”

The Company’s fourth quarter, which should have been busier during Holiday season, expected sales at Jos. A. Bank to be down between 20 – 25% compared to the prior year’s fourth quarter.

On December 9, 2015, post market, the Company released its third quarter earnings, which were even more disappointing than its previously expectations. Furthermore, Jos. A. Bank same-store sales in the fourth quarter was down about 35%. Following this news, Tailored Brands, Inc. stock (known as The Men’s Wearhouse, Inc. at the time), fell an additional $3.30 per share to close at $15.27.

On January 31, 2016, Tailored Brands Inc became the holding company of Men’s Wearhouse.

On April 8, 2016, NYSE:TLRD shares closed at $15.44 per share.

Those who purchased NYSE:TLRD shares have certain options and should contact the Shareholders Foundation.

Contact:
Shareholders Foundation, Inc.
Michael Daniels
3111 Camino Del Rio North – Suite 423
92108 San Diego
Phone: +1-(858)-779-1554
Fax: +1-(858)-605-5739
mail@shareholdersfoundation.com

John:
Related Post