NEW YORK, July 6, 2012 /PRNewswire/ --Faruqi & Faruqi, LLP, a leading national securities law firm, is investigating potential securities fraud at Tempur-Pedic International Inc. ("Tempur-Pedic" or the "Company") (NYSE: TPX).
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The investigation focuses on whether the Company and its executives violated federal securities laws by failing to disclose that: (1) Tempur-Pedic's competitive position had deteriorated drastically; (2) the Company's 2012 outlook for net sales and earnings per share was not only weaker than earlier estimates, but was in fact negative; and (3) as a result, the Company lacked a reasonable basis for their positive statements concerning the state of the Company, its competitive position and its outlook.
Tempur-Pedic's condition was revealed through a series of disclosures. On April 19, 2012, Tempur-Pedic reported its financial results for the first quarter of 2012, confirming reduced net sales and earnings per share guidance for full-year 2012. As a result, Tempur-Pedic's stock dropped $17.22 per share, or 20.5%, to close at $66.53 per share on April 20, 2012.
Finally, Tempur-Pedic stunned the markets on June 6, 2012 by slashing its recently confirmed outlook for full-year net sales by more than 10% and earnings per share by nearly 29%. In reaction to this revelation, Tempur-Pedic's stock price fell $21.28 per share, or nearly 49%, to close at $22.39 per share on June 6, 2012.
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Take Action
If you purchased Tempur-Pedic securities between January 25, 2012 and June 5, 2012 and would like to discuss your legal rights, visit www.faruqilaw.com/TPX. You can also contact us by calling Juan Monteverde, Richard Gonnello or Francis McConville toll free at 877-247-4292 or at 212-983-9330 or by sending an e-mail to jmonteverde@faruqilaw.com, rgonnello@faruqilaw.comor fmcconville@faruqilaw.com. Faruqi & Faruqi, LLP also encourages anyone with information regarding Tempur-Pedic's conduct to contact the firm, including whistleblowers, former employees, shareholders and others.
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FARUQI & FARUQI, LLP
369 Lexington Avenue, 10th Floor
New York, NY 10017
Attn: Juan Monteverde, Esq.
jmonteverde@faruqilaw.com
Richard Gonnello, Esq.
rgonnello@faruqilaw.com
Francis McConville, Esq.
fmcconville@faruqilaw.com
Telephone: (877) 247-4292 or (212) 983-9330
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