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Bragar Eagel & Squire, P.C. Reminds Investors That Class Action Lawsuits Have Been Filed Against Quad/Graphics, Tandy Leather, Resideo Technologies, and Yunji and Encourages Investors to Contact the Firm

NEW YORK, Dec. 04, 2019 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized shareholder law firm, reminds investors that class action lawsuits have been commenced on behalf of stockholders of Quad/Graphics, Inc. (QUAD), Tandy Leather Factory, Inc. (TLF), Resideo Technologies, Inc. (REZI), and Yunji, Inc. (YJ). Stockholders have until the deadlines below to petition the court to serve as lead plaintiff. Additional information about each case can be found at the link provided.

Quad/Graphics, Inc. (QUAD)

Class Period: February 21, 2018 to October 29, 2019

Lead Plaintiff Deadline: January 6, 2020

On October 29, 2019, the Company slashed its quarterly dividend to $0.15 per share, announced plans to divest its book business, and reported third quarter 2019 financial results. Analysts were “absolutely shocked by these developments given the confidence management had just three months ago.”

On this news, the Company’s stock price fell $6.42 per share, or nearly 57%, to close at $4.85 per share on October 30, 2019.

The complaint, filed on November 7, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that the Company’s book business in United States was underperforming; (2) that, as a result, the Company was likely to divest its book business; (3) that the Company was unreasonably vulnerable to decreases in market prices; (4) that, to remain financially flexible while market prices decreased, the Company was likely to cut its quarterly dividend and expand its cost reduction programs; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the Quad/Graphics class action go to: https://bespc.com/quad

Tandy Leather Factory, Inc. (TLF)

Class Period: March 7, 2018 to August 25, 2019

Lead Plaintiff Deadline: January 6, 2020

On August 13, 2019, the Company disclosed that its Audit Committee was investigating “certain aspects of the Company’s methods of valuation and expensing of costs of inventory and related issues regarding the Company’s business and operations.”

On this news, the Company’s share price fell $0.55 per share, or over 10%, over two consecutive trading sessions to close at $4.90 per share on August 15, 2019, thereby injuring investors.

Then, on August 15, 2019, the Company disclosed that it was unable to timely file the Company’s quarterly report for the period ended June 30, 2019 due to the Audit Committee’s investigation.

On this news, the Company’s share price fell $0.40 per share, or over 8%, to close at $4.50 per share on August 16, 2019.

Finally, on October 18, 2019, the Company revealed that certain financial statements should no longer be relied upon, citing “misstatements primarily relating to the Company’s methods of valuation and expensing of costs of inventory and related issues.” It also disclosed that its Chief Financial Officer and Treasurer, Tina Castillo, had resigned from her positions.

The complaint, filed on November 7, 2019, alleges that throughout the Class Period, defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company’s business, operations, and prospects. Specifically, defendants failed to disclose to investors: (1) that certain costs of inventory had been improperly valued and expensed; (2) that, as a result, the Company’s financial results for certain periods were misstated; (3) that the Company lacked effective internal control over financial reporting; (4) that there was a material weakness in the Company’s internal control over financial reporting; and (5) that, as a result of the foregoing, defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the Tandy Leather class action go to: https://bespc.com/tlf

Resideo Technologies, Inc. (REZI)

Class Period: October 10, 2018 to October 22, 2019

Lead Plaintiff Deadline: January 7, 2019

The Company was formed through a spin-off from Honeywell International Inc. on October 29, 2018. The Company began trading under the ticker symbol “REZI” on the New York Stock Exchange (“NYSE”) on October 29, 2018.

The complaint, filed on November 8, 2019, alleges that during the Class Period, Resideo continued to assure investors that the Company was poised to meet its 2018 guidance at the high end of its forecasted range, and more importantly, for 2019 the Company would achieve 4%+ organic growth and ~13% adjusted EBITDA margin. Further, while the Company acknowledged it had experienced operational disruptions (primarily administrative) in connection with the spin-off, defendants repeatedly assured investors that any negative effects of the spin-off were largely “behind [them]” or minimizing and reiterated their fiscal year (“FY”) 2019 guidance for the Company, stating as late as August 8, 2019 that the Company’s performance to date put it on track to make its FY19 revenue guidance. Each of these representations was materially false and misleading when made because defendants failed to disclose the following true facts, which were known to defendants or recklessly disregarded by them: (a) the negative operational effects of the spin-off were more substantial and persistent than disclosed and had negatively affected the Company’s product sales, supply chain, and gross margins, putting Resideo’s FY19 financial forecasts at risk; and (b) as a result of the foregoing, the Company’s financial guidance lacked a reasonable basis and the Company was not on track to make its FY19 guidance as claimed. As a result of defendants’ material misrepresentations and omissions, Resideo stock traded at artificially inflated prices of more than $26 per share during the Class Period.

Then, on October 22, 2019, Resideo shocked investors when it issued its preliminary financial results for the third quarter of 2019, announcing that it had missed revenue and earnings targets and was lowering its recently reaffirmed revenue outlook for FY19 by $80 million.

Also on October 22, 2019, the Company announced that defendant Ragan, the Company’s CFO, would be leaving as of November 6, 2019.

Following these disclosures and a significant reduction in the Company’s outlook for free cash flow, Resideo’s stock price declined more than 40%, from a close of $15.23 per share on October 22, 2019 to a close of $9.50 per share on October 23, 2019.

For more information on the Resideo class action go to: https://bespc.com/rezi

Yunji, Inc. (YJ)

Class Period: Securities purchased pursuant and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with the Company’s May 2019 initial public offering (“IPO” or the “Offering”).

Lead Plaintiff Deadline: January 13, 2020

On May 3, 2019, the Company held its IPO in which it sold 11,217,447 shares for $11.00 per share.

On August 22, 2019, the Company disclosed a supply chain restructuring that shifted part of its merchandise sales to its marketplace platform, resulting in a year-over-year decrease in total revenues for second quarter 2019.

On this news, the Company’s share price fell $1.21, or nearly 11%, to close at $9.39 per share on August 22, 2019. Yunji’s share price continued to decline by $3.34, or over 35%, over the next three consecutive trading sessions to close at $6.05 per share on August 27, 2019.

By the time this class action was filed, Yunji’s shares were trading as low as $4.40 per share, a nearly 60% decline from the $11 per share IPO price.

The complaint, filed on November 12, 2019, alleges that the Registration Statement was false and misleading and omitted to state material adverse facts. Specifically, Defendants failed to disclose to investors: (1) that the Company was shifting certain of its sales to its marketplace platform; (2) that this supply chain restructuring was likely to disrupt Yunji’s relationships with suppliers; (3) that this supply chain restructuring was likely to have an adverse impact on the Company’s financial results; and (4) that, as a result of the foregoing, Defendants’ positive statements about the Company’s business, operations, and prospects, were materially misleading and/or lacked a reasonable basis.

For more information on the Yunji class action go to: https://bespc.com/yj

About Bragar Eagel & Squire, P.C.:
Bragar Eagel & Squire, P.C. is a nationally recognized law firm with offices in New York and California. The firm represents individual and institutional investors in commercial, securities, derivative, and other complex litigation in state and federal courts across the country. For more information about the firm, please visit www.bespc.com.  Attorney advertising.  Prior results do not guarantee similar outcomes. 

Contact Information:
Bragar Eagel & Squire, P.C.
Brandon Walker, Esq.
Melissa Fortunato, Esq.
(212) 355-4648
investigations@bespc.com
www.bespc.com


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